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Petra Diamonds aims for US$178m rights issue

Petra Diamonds (LSE:PDL) aims to raise US$178 million through a fully underwritten rights issue to strengthen its balance sheet, faster reduce leveraging to a more sustainable level and increase its financial flexibility.

Petra Diamonds aims for US$178m rights issue Petra Diamonds aims for US$178m rights issue Petra Diamonds aims for US$178m rights issue Petra Diamonds aims for US$178m rights issue Petra Diamonds aims for US$178m rights issue

Run-of-mine grade at the Cullinan mine are continuously improving

It said a stronger rand, as well as operational delays and other business challenges, had impacted its financial position and impacted its ability to deleverage in line with expectations.