Shear Diamonds has partially completed a placement of C$1.05 million, the company announced Monday.



The diamond exploration and mining company is selling over 3.7 million common shares at $0.28 per share.



Shear Diamonds plans to use the proceeds from the sale of shares for working capital and operations at the Jericho diamond mine in Nunavut, Canada, which Shear acquired from the defunct Tahera Diamond Corporation in July 2010 for $38 million.



The Jericho mine is estimated to contain some 375,000 carats of diamonds with a value of approximately $24.5 billion.