Gem International Raising $600k for Angola Project

Luanda: Gem International Resources, which previously indicated its plans to raise $500 000 for its company working capital, has now lifted the target to $600,000.

The company was currently conducting exploration work at its Dala diamond project in Angola.

It said 12 million units would be sold at a price of $0.05 per unit.

Each unit would consist of one share and one share purchase warrant, granting the purchase of a further share within two years at 15 cents each.

The company recently amended its existing arrangement for the earn-in of an interest in the Dala diamond exploration project.

The amendment agreement provides that the Dala project would be enlarged to include exploration and exploitation rights for kimberlites within the Dala license including the six known kimberlite pipes located by previous operators.

These, it said, only received very limited exploration and had not been fully evaluated.

Several magnetic kimberlite targets are also yet to be tested at Dala and an extensive data base exists, it said.

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