Diamcor Mining Inc. (TSXV:DMI) enters into a long-term strategic alliance and closes a financing with New York based Tiffany & Co.
The press release is quoted as saying:
Tiffany & Co., in conjunction with their diamond sourcing and polishing subsidiary Laurelton Diamonds South Africa (Proprietary) Limited (“Laurelton”), and the Company, in conjunction with its subsidiary DMI Minerals South Africa (Proprietary) Limited (“DMI Minerals”), have entered into a strategic agreement (the “Off-Take Agreement”) regarding future rough diamond production from the Krone-Endora at Venetia project (“Krone-Endora”), which the Company recently acquired from De Beers Consolidated Mines Limited (“De Beers”). Under the terms of the Off-Take Agreement, Tiffany & Co., through Laurelton, secured a first right of refusal to purchase up to 100% of the production of rough diamonds from Krone-Endora at fair market value prices to be negotiated and adjusted from time-to-time to reflect current market conditions.
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