A dip in its stock price has prevented Juina Mining (GEMM-O) from raising the necessary financing to begin production at an alluvial diamond concession in southwestern Brazil.
The Reno-based junior had hoped to begin production on a 100-tonne-per-day mill at the property in October, but the schedule has been moved back a month.
The property contains an estimated 900,000 cubic metres of diamondiferous gravel, though a grade has yet to be determined. Site preparation is ongoing and material is being stockpiled.
The last tranche of funding was interrupted when Juina’s share price unexpectedly dropped to 38 cents from the US$3.50 range in recent months.
The company is offering a nominal stock split and asking shareholders to return all stock certificates.
The stock split calls for shareholders to receive 101 shares for every 100 shares, plus a 5% stock dividend.
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