Mining Weekly reports that diamond company BRC Diamondcore has completed a non-brokered private placement to raise C$1 million.

The diamond company placed 20-million units at C$0.05. Each unit constituted one common share and one warrant of the company. Each warrant entitles the holder to acquire one common share of the company at a price of C$0,066 for four years.

BRC DiamondCore announced its intention to use the proceeds from the placement for working capital. The diamond company reported that it had closed debt settlement transactions with some of its creditors in exchange for shares. The company stated that it had issued 43.3-million shares totaling C$8.6-million to the creditors.

,BRC Diamondcore currently has more than 89.4-million outstanding common shares including the shares issued under the placement and debt settlements.