Mining company Rockwell Diamonds announced Wednesday that it has attained about $7.4 million of its planned $12.5 million financing goal, adding that the remainder of the financing is likely to be completed by the end of January.

The Toronto Stock Exchange-listed diamond exploration company also said it may increase funding goals by $2.2 million, a move reportedly approved by the TSX.



According to a Mining Weekly report, Rockwell Diamonds is planning a rights offer in January, which guarantees it at least $3.1 million from Daboll Consultants, a new major investor.

Rockwell Diamonds CEO John Bristow told Mining Weekly that the funds would be used to modernize the company's diamond mining operations.

Meanwhile, the diamond mining company announced it has named Yong Guo as a director. Guo was formerly a managing partner at Godia Capital Partners, a leading Chinese private equity fund.