Stellar Diamonds conditionally raises c.£183,751 at 5.5p a share in open offer

Stellar Diamonds said it has conditionally raised about £183,751 gross in its open offer at 5.5p a share.

In February, the diamond development company focused on West Africa announced details of the open offer to raise up to £250,000 via the issue of 4.5m new shares at 5.5p each.

The open offer closed on Wednesday, and Stellar said on Thursday that it had received valid acceptances for 3.3m open offer shares, or about 73.5% of those offered.

This included applications for about 1.9m open offer shares under the excess application facility.

Stellar said the open offer remained conditional on, amongst other things, shareholder approval and admission of the new shares to AIM.

At about 09:42 GMT, shares in AIM-listed Stellar Diamonds were flat at 5.25p each.