Tiffany’s subsidiary, Tiffany & Co Canada, will provide the financing through a $2.4m term loan and a $1.6m convertible debt debenture.
The financing will advance the Krone-Endora at Venetia project in South Africa, that is located in close proximity to De Beers’ flagship Venetia Diamond Mine.
Krone-Endora comprises prospecting rights over the farms Krone 104 and Endora 66 spread across a combined surface area of 5,888ha.
Pursuant to the loan’s closing Diamcor will use the funds to procure equipment and expand the quarrying and in-field screening operational capacity.
Diamcor president and CEO Dean Taylor said, "We believe deploying this additional equipment now will allow us to further enhance results which are already meeting or exceeding our expectations, and provide us with the ability to expedite our overall goals and targets for the long-term."
