Business
Acquisition of Diamond and HMS interest
Acquisition of Diamond and HMS interest.
About this update from Kazera Global Plc
[{"type":"text","content":"\n \n \n RNS Number : 8991O\n Kazera Global PLC\n 04 June 2020\n \n \n \n \n 04 June 2020\n \n \n Kazera Global plc \n \n \n Acquisition of interest in Diamond Mine and Heavy Mineral Sand Opportunity\n \n \n Kazera Global plc (\"Kazera Global\", \"Kazera\" or \"the Company\"), the AIM quoted investment company, is pleased to announce the conditional acquisition of a controlling interest in a near-term producing diamond mine and in a heavy mineral sands (HMS) opportunity in South Africa. \n \n \n Furthermore, the Company is pleased to update investors on ongoing drilling activity at TVM. \n \n \n \n Highlights\n \n :\n \n Acquisition of stake in DBM\n \n · \n Kazera to acquire a 90% stake in Deep Blue Minerals (Pty) Limited (\"DBM\") and a stake in Whale Head Minerals (Pty) Limited (\"WHM\") (the \"Acquisitions\")\n \n \n · \n Acquisition cost of the stake in DBM is £600,000 funded via the issuance to Richard Jennings of 120,000,000 ordinary shares in the capital of Kazera (\"Ordinary Shares\" and these Ordinary Shares being the \"Consideration Shares\") at a price of 0.5p per Consideration Share (the \"Issue Price\") \n \n \n · \n Near-term Diamond production via DBM:\n \n \n o \n Historical production grades of 10ct/ht, producing over 10 million carats of gem grade diamonds since production began in 1928\n \n \n o \n Timeline of 12 months to restarting production and revenue generation following completion of acquisition \n \n \n o \n Inferred Mineral Resources of 208,000 carats at a grade of 6.0ct/100\n m²\n \n \n \n \n \n Potential acquisition of stake in WHM\n \n \n \n \n \n · \n Kazera to acquire a stake in WHM \n representing 90% of its current issued share capital or such percentage as is available once all necessary arrangements with \n Black Economic Empowerment partners under South African law are in place\n \n \n · \n Kazera to assume $500,000 of liabilities from the vendor of the shares in WHM, subject to completion of certain milestones, to be satisfied through the issue of Ordinary Shares at the volume weighted average price of the Ordinary Shares at the time the milestones are met\n \n \n · \n Completion of the Acquisition in the case of WHM is, inter alia, subject to receipt of a Competent Persons' Report in terms satisfactory to the Company and receipt of a Mining Permit in re...