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Market NewsNewsPetra shareholders support rights issue to raise $170mn, reduce debt

Petra shareholders support rights issue to raise $170mn, reduce debt

Shareholders in mining company Petra Diamonds on Wednesday approved a rights issue to raise about $170 million to help cut its debt burden, driving the share price around 5 percent higher, Reuters reported.

The company, which has suffered setbacks in Tanzania as well as production delays and strikes, had said there was a risk it could run low on working capital and breach its debt covenants if shareholders did not back the rights issue, said the Reuters report.

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