Botswana Diamonds has completed the acquisition of the Thorny River project after it received all the regulatory approvals in South Africa.
“I am pleased that we have received all the regulatory approvals allowing this transaction to be completed,” said company chairperson John Teeling.
“This will allow the company to expedite the mine permitting of Thorny River, with the initial applications having already taken place".
The diamond exploration company had exercised its pre-emptive right to acquire the outstanding third-party interests in Vutomi Mining and Razorbill Properties 12, collectively known as Vutomi.
Vutomi held the mineral rights to the Thorny River Project as well as other exploration assets.
The consideration for Vutomi comprised about 57 million new ordinary shares of £0.0025 each in the company.
There are no lock-in arrangements, but the consideration shares will be issued in two equal tranches (three months apart) following completion.
The first tranche, which consists of about 28,5 million consideration shares, was issued on 28 September to the vendors of Vutomi.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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