11th May 2022 16:07
Botswana Diamonds PLC - exploration & project development company focused on Botswana and South Africa - and Gem Diamonds Ltd - London-based diamond miner - Parties say share sale agreement has now lapsed. In 2021, Gem Diamonds had agreed a binding share sale agreement with Okwa Diamons Pty Ltd to sell Gem Diamonds Botswana Proprietary Ltd, the owner of the Ghagoo diamond mine in Botswana. Okwa Diamonds is owned by Vast Resources PLC and Botswana Diamonds. Longstop date had been extended until Wednesday for Botswana Diamonds to find a joint-venture partner to replace Vast. Botswana Diamonds did not manage to secure a new JV partner by the deadline, thus the agreement has lapsed.
"Gem Diamonds have indicated their willingness to re-engage on substantially the same terms as the Agreement if BOD and a partner can finalise an agreement and accordingly, BOD is continuing its discussions with potential joint venture partners," says Botswana Diamonds.
Botswana Diamonds current stock price: 1.01 pence
12-month change: down 14%
Gem Diamonds current stock price: 60.00p
12-month change: down 14%
By Elizabeth Winter; [email protected]
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