DiamondCorp, the Southern African diamond development, exploration and mining company, has placed 41.5m shares with new and existing investors.

The £2m proceeds will be used to fund corporate overheads over the next two years and for general working capital purposes.

36.51m shares were placed in the UK at 5p each, with the remained placed in South Africa at ZAR0.90 each.

The company's Chief Executive, Paul Loudon, said: "DiamondCorp is in the process of making the transition from mine developer to becoming a mid-tier diamond producer, and we will be providing regular updates on the progress of the development at Lace.

"We also look forward to announcing the results of drilling the additional kimberlite resources in the Bulge area of the Lace pipe before the middle of the year."

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