I hear there are lot of people wanting to buy Diamonds in London! 
For those confused; The bridge facility is the $250,000 announced today, that is repayable to George on completion of the main financing (So probably in the next couple ot weeks). The larger loan ($766k) will be repaid to George after ALL OTHER DEBT has been paid off. The terms that George has offered the loan on are great at what amounts to 3.5% - A mining project would never get senior debt financing at that rate, let alone a bridging loan! Finally George has the option to convert those loans into shares.
Right, reading through the technical report issued, the positive news (Which I think we all know), is that this is an amazing prospect. The bad news is that to bring the confidence level up to a measured category is going to require what is a currently unplanned level of infill drilling. This level is required to produce a Final Feasibility Study and the costs are going to be astronomical. Realistically I do not believe that Amara are oing to be able to achieve this and will probably get swallowed up by one of the big boys who can readily access the funding required to bring this project to fruition.
There are solar panels everywhere in the South West, I don't believe any are to do with Hemerdon directly. The electricity industry in the UK is a complicated mess to say the least. Everybody ultimately gets their electricity from the Grid - in Hemerdons case they have a 33kV supply provided by Western Power Distribution. They then have their electrcity "Supplied" by the dutch company, who are just a broker ultimately, they buy it off of producers and sell it to customers at more than they buy it for plus distribution costs (Paid to Western Power) and transmission costs (Paid to National Grid). The electricty in the wires has no way of differentiating who produced it and how it was produced.
There is another major reserve upgrade to come if they are successful in getting permission for the Southern Extension, that is likely to add another 30-40% to yesterdays uprated reserve. So far the uprated reserve has not been factored into any NPV calclations, but I wold anticpate a 10-15% uprate in the NPV following both the news of the uprated reserve and 7 day working. Further exploratory drilling is also going to significantly increase the reserve, as there is a lot currently in the inferred category that cannot be included in the JORC compliant statement.
Well thats a good start to the day! 30% increase in reserves (That was far more than I envisaged from pit deepening - a extra 65m depth!!! - That is going to be one massive hole in the ground). That also means that the reserve upgrade if we get permission to extend the width is going to be much larger - altogether the reserve could be doubled from what it was a week ago! With no extra CAPEX! I reckon 40pps by October.
Basically what DCP have done is pre sold those 360,000 Carats for $22 a carat. You may look at that and say that is well under the current average price ($63), but its cash in the bank, without it the mine would not be able to get in aposition to get to fll production.
That is a great deal, to give away 360000 carats of future production for cash now is a pretty sweet move in my opinion, no interest payments to meet, no dilution. No doubt we will pay them back an awful lot more than the cash we are recieving, but you cannot spend future production of diamonds.