AfDiamonds plans to raise its stake in AK6

The company announced to shareholders on Tuesday that it had undertaken a conditional placing of about 24 million shares at £0,40 a share. The junior diamond miner is planning to increase its stake in the mine to 40 percent, up from its current 29 percent, with Canada's Lucara Diamond Corp. holding the remainder of the shares in the project.

African Diamonds directors will invest $1.5 million (GBP 1 million) for the share placement. The new shares are scheduled to be admitted to London's Alternative Investment Market (AIM) on April 8, 2010.