Business
Acquisition of Sekaka Diamonds
Acquisition of Sekaka Diamonds.
About this update from Botswana Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3472F\n Botswana Diamonds PLC\n 16 November 2020\n \n \n \n \n 16th November 2020\n \n \n \n \n \n \n \n \n \n Botswana Diamonds PLC\n \n \n (\"Botswana Diamonds\" or the \"Company\")\n \n \n \n \n \n Satisfaction of conditions precedent for acquisition of Sekaka Diamonds\n \n \n \n \n \n Highlights:\n \n \n · \n \n All pre-conditions for acquisition of Sekaka Diamonds now satisfied\n \n \n \n · \n \n Completion expected on or around 20th November 2020\n \n \n \n · \n \n Sekaka owns:\n \n \n \n - The high grade KX36 kimberlite pipe\n \n \n - Three Prospecting Licenses, one of which has been extended\n \n \n - A fit-for-purpose kimberlite processing plant\n \n \n - An extensive diamond exploration database\n \n \n \n \n \n \n \n \n Botswana Diamonds ('BOD'), the AIM and BSE listed diamond explorer, is pleased to announce that all the Conditions Precedent for the acquisition of Sekaka Diamonds Pty Ltd ('Sekaka'), as previously announced on 20th July 2020, have now been satisfied. . Sekaka's Prospecting License which holds the KX36 high-grade kimberlite pipe has also been extended for a further two years to 30th September 2022. \n \n \n \n \n \n The transaction has been approved by Petra's lenders and noteholders as well as by the Botswana Minister of Mineral Resources, Green Technology and Energy Security. \n \n \n \n \n \n Sekaka was Petra's exploration vehicle in Botswana and holds three Prospecting Licenses in the Central Kalahari Game Reserve (\"Kalahari\") in Botswana, PL169/2019, PL058/2007 and PL224/2007, which includes the high grade KX36 kimberlite pipe. The acquisition also includes an extensive database, built up over 15 years of exploration.\n \n \n \n \n \n KX36 is a 3.5Ha kimberlite pipe, discovered by Sekaka, in the Kalahari. The kimberlite is situated approximately 70 km from Gem Diamonds' Ghaghoo Mine, and 260 km north-west of Botswana's capital Gaborone. Sekaka has undertaken extensive exploration work on KX36, including extensive core and Large Diameter Drilling ('LDD'). There is a historic SAMREC compliant Indicated Resource of 17.9 million tonnes at 35 cpht, and an Inferred Resource of 6.7 million tonnes at 36 cpht, estimated for the pipe by Z-Star in 2016. As Sekaka owns 100% of KX36,...