Sign up Australia
Proactive Investors - Run By Investors For Investors

Merlin Diamonds boosts funds as it seeks larger diamonds

Australia's largest ever diamond was recovered from the Merlin mine.
The company has raised more than $3.231 million from an entitlements offer

Merlin Diamonds Ltd (ASX:MED) has secured an additional $500,000 in funding from a shortfall placement from its recent entitlements offer priced at $0.005 per share.

This brings the total funds raised in the offer to more than $3.231 million.

The company remains focused on its Merlin Diamond Mine in the Northern Territory, which has a history of producing large diamonds.

Australia's largest ever diamond of 104.7 carats was recovered from the mine.

READ: Merlin Diamonds commences ore processing for larger diamonds

Merlin is processing kimberlite ore through its new Tomra X-Ray Transmission (XRT) machine.

By using this new technology, the company aims to enhance larger diamond recoveries and reduce operating costs.

The machine is also expected to recover more low luminescing diamonds than previously possible.

Recovery of large diamonds was not previously possible due to equipment limitations.

The mine comprises 13 known diamond-bearing kimberlite pipe vents on the mine lease, nine of which have been historically mined.

View full MED profile View Profile

Merlin Diamonds Ltd Timeline

Related Articles

Merlin’s cut and polished diamonds -  whites and fancy yellow
October 08 2018
The Merlin diamond mine produced the largest diamond ever discovered in Australia at 104 carats.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use