Diamcor Mining announced March 29 that it has entered into a
long-term strategic alliance and closed a financing deal with Tiffany & Co.
Under the agreement, Tiffany & Co., through its diamond
sourcing and polishing subsidiary Laurelton Diamonds South Africa Ltd., has
the right of first refusal to purchase up to 100 percent of the production of
rough diamonds from Diamcor’s Krone-Endora at Venetia project.
DMI Minerals retains the right to freely market any rough
diamond production and specials (rough diamonds 10.8 cts. or larger in size),
which are not selected for purchase by Laurelton.
To expedite the production and supply of rough diamonds from
Krone-Endora, Tiffany & Co. provided the company with $5.5 million in
financing through its subsidiary Tiffany & Co. Canada. The financing includes a $3.5 million term
loan and a $2 million convertible debt debenture.
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