Paragon increases interest in Lemphane to 100%
JOHANNESBURG (miningweekly.com) – Aim-listed Paragon Diamonds has conditionally increased its interest in its Lesotho-based subsidiary Meso Diamonds from 85% to 100%, subsequently, increasing its interest in the Lemphane kimberlite project owned by Meso.
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.
“We welcome the Matekane family, [which has] partnered with us for the last three years, as shareholders of Paragon. We now move to the critical Stage 1 mining development phase,” Paragon MD Dr Stephen Grimmer commented.
Meanwhile, Paragon also pointed out that under the terms of the mining lease agreement for the Lemphane project, the Lesotho government was entitled to a 20% interest in Meso.
“Following the grant of this interest, which is expected shortly, the company's interest in Meso and the Lemphane project will reduce to 80%,” Paragon stated.
The company also noted that it had agreed with the Lesotho government to sell up to 15% of its 80% interest in Meso to accredited Basotho investors at fair commercial values if any such potential investors expressed an interest.
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