The main factor determining the current state of the diamond market is the global financial crisis. The situation on the leading financial and stock exchanges is still fairly dramatic. The labour markets in the US, Europe and Japan are also not in the best shape. Under these circumstances the availability of credit for diamond market players has declined drastically.
Alexander Matveyev, Member of the Federation Council of the Russian Federal Assembly, First Deputy Chairman of the Federation Council Committee on Northern Territories and Indigenous Minorities, Mining Engineer, Academician of the Russian Engineering Academy, Doctor of Economic Sciences, Professor, worked as Chief of Industry Department of the Yakutsk Region Committee of the CPSU, Chairman of the Yakutia Planning Committee, Vice-President and First Vice-President of ALROSA.
Valery Vladimirovich Rudakov – chairman of the Board of Directors of CJSC Polyus, chairman of the Committee for precious metals and precious stones of the Chamber of Commerce and Industry of the Russian Federation. In 1999-2002 - Deputy Minister of Finance of the Russian Federation and head of the State Repository for Precious Metals.Shear Minerals raised $1.14 million in a private placement of shares to cover expenses at its Churchill Diamond Project in Nunavut, Canada, RAPAPORT reported.
The diamond exploration company said it closed a non-brokered private placement of 604,000 units (consisting of one common share and half a non-transferable share purchase warrant) at $0.25 per unit, and 3,962,000 flow-through common shares of Shear priced at $0.25 a share. Each warrant entitles the holder to acquire an additional share at a price of $0.40 at any time within 18 months of issuance.
Insiders of Shear purchased an aggregate of 400,000 units, and 2 million shares were sold to Toronto-based mining fund, MineralFields Group.
"We are very pleased to be continuing our relationship with MineralFields Group", said Pamela Strand, president and CEO of Shear.
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