Tahera Trying to Raise $40 Million

Tahera Diamond Corporation announced Monday that it has decided to proceed with a “best efforts offering of units” in lieu of its proposed rights offering.

The Canadian diamond miner will file an amended and restated preliminary prospectus in connection with the offering, adding that it expects the offering to be subject to a minimum offering of at least $40 million.

The proceeds will allow Tahera to take advantage of the up-coming winter road re-supply, further develop and implement operational improvements at the Jericho Mine.

In connection with the offering, Tahera will be entering into conversion agreements with Tiffany & Co. and Nuna Logistics, on terms similar to those entered into in connection with the rights offering.

The proposed financing was restructured, as the rules of the Toronto Stock Exchange would not permit a rights offering to be conditional upon a minimum amount being raised.