Petra Diamonds and Stellar Diamonds Agreement Finalized

- May 5th, 2010

Petra Diamonds announces its finalized agreement with Stellar Diamonds plc
(“Stellar”) to exchange its interest in the Kono Diamond Project (“Kono”) in Sierra Leone for shares in Stellar, the project’s joint venture partner. As a result, Petra will become a 4.45% shareholder in Stellar and Divestment of Petra’s interest in Kono for £900,000, to be settled […]

Petra Diamonds announces its finalized agreement with Stellar Diamonds plc

(“Stellar”) to exchange its interest in the Kono Diamond Project (“Kono”) in Sierra Leone for shares in Stellar, the project’s joint venture partner. As a result, Petra will become a 4.45% shareholder in Stellar and Divestment of Petra’s interest in Kono for £900,000, to be settled in 4,500,000 Stellar ordinary shares (based on a valuation of £0.20 per ordinary share).

Johan Dippenaar, CEO of Petra, said during the press release, “We are pleased to have concluded this transaction with Stellar, as Kono is no longer core to our portfolio. Petra is wholly focused on delivering substantial production and revenue growth and our key objective is to take annual production from one million carats to over three million carats. This agreement allows us to retain an interest in Kono’s future upside via our new shareholding in Stellar as well being exposed to the potential of the cooperation agreement, as Stellar is developing a number of other exciting diamond projects in West Africa.”

Click here to access the entire press release:

Leave a Reply