Market NewsCommentHarry Winston to sell 3 mn shares

Harry Winston to sell 3 mn shares

Harry Winston Diamond Corporation has agreed to sell 3 million common shares for CA$25 (25.08) per share. The transaction will bring the issued and outstanding shares of the corporation to 61.4 million and represents a 5% dilution, the company said in a statement. Closing of the transaction is expected on or before March 14, 2008. The proceeds will contribute to funding for the underground mine plan at the Diavik diamond mine in which it has a 40% stake. Diamond production from underground is scheduled to begin in 2009 and continue beyond 2020.

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