Paragon Diamonds Raises Funds for exploration work at Motete Dyke, Lesotho

Paragon Diamonds Limited, the African-focused diamond explorer and developer, is pleased to announce it has completed a placing of 5,948,275 new ordinary shares in the company at a price of 29 p, raising gross proceeds of £1,725,000 ($2,700,000).    

The new shares will rank pari passu with all existing ordinary sh ares, and dealings on AIM are expected to commence in the new ordinary shares on 1 February 2012.

Following the issue as described above, the Company’s issued share capital now consists of 194,125,329 ordinary shares of 1p each.

Commenting today, Paragon Chairman Francesco Scolaro said: “I am pleased to announce the successful completion of a fundraising which will enable the Company to rapidly advance the Motete Dyke exploration programme to scoping study, with a view to evaluating near term production.”