TAHERA DIAMOND CORP. $0.09 (Toronto symbol TAH; SI Rating: Speculative) (1-877- 777-2004; www.tahera.com; Shares outstanding: 209.8 million; Market cap: $17.8 million) continues to struggle with operational problems at its money-losing Jericho diamond mine.
Tahera now plans to undertake a rights offering. This is where existing shareholders can buy more shares depending on the number of shares they now hold.
Teck Cominco, which owns 16% of Tahera, won’t participate in the rights offering. Dundee Precious Metals Fund, which owns 8% of Tahera, is unsure whether it will participate.
The company will also face significant financial difficulties if the rights offering fails. If it is then unable to find an alternative source of financing, Tahera would be forced to consider various alternatives such as interrupting activities at the Jericho mine, closing the mine, selling the company or even seeking creditor protection under Canadian insolvency legislation.
Converting loans and raising funds with its share price so low will cause significant dilution for Tahera’s existing shareholders. As well,…
Privacy Policy and Terms of Use
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