Business
LUCARA ANNOUNCES SALE OF CLARA DIAMOND SOLUTIONS
LUCARA ANNOUNCES SALE OF CLARA DIAMOND SOLUTIONS Canada NewsWire VANCOUVER,...
About this update from Lucara Diamond Corp.
[{"type":"text","content":"\n\n\n\n LUCARA ANNOUNCES SALE OF CLARA DIAMOND SOLUTIONS\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n Oct. 6, 2024\n \n\n /CNW/ - (TSX: LUC) (BSE: LUC) (Nasdaq Stockholm: LUC)\n \n\n Lucara Diamond Corp. (\"Lucara\" or the \"Company\") today announces the sales of its 100% interest in the Clara Rough Diamond Sales Platform (\"Clara\") to its original founders, a group led by the HRA Group of Companies and Eira Thomas (\"Founders\").\n \n View PDF version\n \n\n\n Clara is a rough diamond digital marketplace that modernizes how rough diamonds are sold, using technology to connect buyers and sellers, driving economic efficiencies for buyers and sellers. Clara enables verification technologies to efficiently integrate provenance and traceability services by transacting individual rough diamonds. This innovation addresses the industry's need for improved standards of transparency and trust.\n \n\n Under the terms of the definitive sale agreement, the Founders will acquire 100% ownership of Lucara's interests in Clara Diamond Solutions GP Inc., Clara Diamond Solutions Limited Partnership, and Clara Diamond Solutions B.V., including all intellectual property rights, commercial contracts, and operating assets. The total consideration comprises approximately\n \n US$3.0 million\n \n in cash at closing and the return of 10,000,000 Lucara common shares initially issued as partial consideration when Lucara originally acquired the Clara platform in 2018, and the transfer of liabilities tied to sales performance metrics or a change of control, amounting to a share issuance obligation of 13,400,000 Lucara common shares.\n \n\n Lucara will retain a 3% Net Profit Interest on Clara's net earnings. The Company has also granted Clara a 5-year rough diamond supply agreement for stones meeting the size and quality specifications historically sold through the Clara platform. This supply agreement may be terminated after the second anniversary or as otherwise mutually agreed between the parties.\n \n\n\n William L...