Paragon Diamonds Ups Interest in Subsidiary to 100 Percent

Mining Weekly reported that Paragon Diamonds Ltd. (LSE:PRG) has increased its interest in Meso Diamonds (Pty) Ltd., its Lesotho-based subsidiary, from 85 to 100 percent. That means its interest in the Lemphane kimberlite project has also risen.

As quoted in the market news:

Paragon acquired the additional 15% in Meso from Lesotho-based mining company Matekane Mining’s Martin Matekane by issuing him with 35.47-million new ordinary shares in Paragon. The newly issued shares were equivalent to 12% of Paragon’s current issued ordinary share capital.

The acquisition was conditional on the admission of these new ordinary shares to Aim and an application would be made for the shares to be admitted with admission expected to be on or around May 19.

Click here to read the full Mining Weekly report.