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Peregrine Diamonds Ltd. (TSX:PGD) announced it has entered into an agreement to acquire all of the shares of Diamexstrat Botswana (Proprietary) Ltd. from Diamond Exploration Strategies Limited, a UK registered private company.
Peregrine Diamonds Ltd. (TSX:PGD) announced it has entered into an agreement to acquire all of the shares of Diamexstrat Botswana (Proprietary) Ltd. from Diamond Exploration Strategies Limited, a UK registered private company.
As quoted in the press release,
The purchase agreement between Peregrine and DES UK transfers ownership of DES Botswana and all of its assets to Peregrine in consideration for the grant by Peregrine of a 1% gross overriding royalty (the “Royalty”) to DES UK on all precious stone mineral interests held at the time of closing and those which may be acquired in specific target areas. In addition, Peregrine will assume a $450,000 loan that is currently owed by DES Botswana to DES UK and which was originally advanced by Peregrine.
Tom Peregoodoff, President and CEO stated:
This transaction is a significant milestone in the strategic development of the Company. With this single transaction, we have become a significant diamond exploration player in Botswana. The principals of DES Botswana have over 60 years of combined diamond exploration experience in the country, most of that time with the De Beers Group. Using their extensive experience, they have compiled a county-wide data set that is unparalled in its scope and depth.
Click here for the full Peregrine Diamonds Ltd. (TSX:PGD) press release