Xceldiam targets AIM

Broker WH Ireland is seeking to raise £10 million for diamond prospector Xceldiam, which is looking for gems in Angola, ahead of an anticipated £30 million AIM flotation.

Xceldiam, which is run by 40-year-old Anglo American and De Beers veteran Tim George, has a 39 per cent interest in the kimberlite prospecting licence for alluvial diamonds in the 3,000 sq km Luangue Concession in North-East Angola and 40 per cent interest in Luangue’s alluvial prospects. The company’s partners are Endiama, Angola’s state diamond mining corporation, and Bapsil, a private Angolan investment group.

George is chief executive and chairman of Xceldiam, which has previously raised £2.6 million from founders, institutions and private friends. A float price has yet to be announced.

Xceldiam is still looking for a non-executive chairman to allow George to focus on executive control. The board already includes Mike Nunn, boss of AIM-quoted blue stone specialist TanzaniteOne.

Leslie Copeland

Leslie Copeland

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio...

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