Listed Mining Companies
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TORONTO (miningweekly.com) – Vancouver-based junior Lucara Diamond Corp has closed its acquisition of Motapa Diamonds, after the transaction received shareholder and court approval.
The British Columbia Supreme Court sanctioned the acquisition on July 2, and Motapa's shares will now be delisted from trading on the TSX Venture Exchange, Lucara said in a statement.
Both companies are exploring for diamonds in various parts of Africa, but their most advanced assets are stakes in the Mothae project, in Lesotho, in which Lucara owns 65% and Motapa holds the balance.
Each Motapa share was exchanged for 0,9055 of a Lucara share, through a plan of arrangement, which has the backing of both companies' boards.
Lukas Lundin will serve as CEO and chairperson of the enlarged company, while William Lamb has been appointed president and COO.
Lucara also said on Friday that a draft application for a ten-year mining licence for the Mothae project has been submitted to the Lesotho government for review and comment.
“Negotiations on commercial terms of the mining licence will be undertaken in August 2009 and are expected to be finalised by the end of 2009,” the company said.
