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flag Petra Diamonds reports annual sales drop but sees shares surge 43% post refinancing plan announcement.

flag Petra Diamonds, a diamond miner, reported a 33% drop in annual sales revenue to $206 million despite a 19% increase in the fourth quarter to $50 million. flag The company announced a refinancing plan including a $25 million rights issue and extending debt maturity dates, pending shareholder approval. flag Shares rose 43% after the refinancing agreement, which aims to support cash preservation and enable ongoing mine projects.

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