Starvest takes tiny nibble of Diamondcorp

The AIM-traded firm said the shares in the fellow AIM company were paid for in cash and following the investment, Starvest will hold 0.08% of Diamondcorp’s issued share capital.

Starvest indicated further interest in the company, saying it may follow up with additional acquisitions of Diamondcorp stock to increase its holding following recent diamond stone sales at, or above, reserve prices.

Diamondcorp reported a loss of £2.41m for the year ended 31 December, but had net assets of £7.57m at that date.

Starvest said it believes the recent revenue from sales is a significant milestone for Diamondcorp.

“Under very tough market conditions Diamondcorp have managed to establish itself as an early stage producer of extremely marketable parcels of stones,” said Starvest chairman and CEO Callum Baxter.

“We look forward to further information from this very exciting company as they build their sales into key markets.”