30th Nov 2020 16:07
Botswana Diamonds PLC - diamond exploration company with licenses in Botswana and South Africa - Says acquisition of Sekaka Diamonds Pty Ltd from Petra Diamonds Ltd is now complete. Highlights Sekaka holds three prospecting licenses in the Central Kalahari Game Reserve in Botswana, the PL169/2019, PL058/2007 and PL224/2007 which includes the high grade KX36 kimberlite pipe. Acquisition also includes extensive database from more than 15 years of exploration. Total consideration for the purchase first announced in July consists of USD300,000 cash payment plus 5% royalty on future revenue. The first USD150,000 deferred consideration cash payment is payable on November 20, 2021 which is the first anniversary of completion.
"We are delighted that this acquisition has now closed. This now paves the way to explore commercial development options for KX36 and begin to evaluate the extensive database in conjunction with ours to discover more kimberlites in prime diamond real estate," says Chair John Teeling.
Current Botswana Diamonds stock price: 0.68 pence
Year-to-date change: up 7.1%
Current Petra Diamonds stock price: 1.62p
Year-to-date change: down 82%
By Ife Taiwo; [email protected]
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