STAR DIAMOND CORPORATION TO ACQUIRE RIO TINTO'S 75% INTEREST IN FORT À LA CORNE DIAMOND PROJECT

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[{"type":"text","content":"\n \n \n \n STAR DIAMOND CORPORATION TO ACQUIRE RIO TINTO'S 75% INTEREST IN FORT À LA CORNE DIAMOND PROJECT\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 TSX: DIAM\n \n \n \n \n \n SASKATOON, SK\n \n \n ,\n \n \n Nov. 28, 2023\n \n \n /CNW/ - Star Diamond Corporation (\"\n \n \n Star Diamond\n \n \n \") is pleased to announce that it has today entered into a binding agreement (the \"\n \n Agreement\n \n \") with Rio Tinto Exploration Canada Inc. (\"\n \n RTEC\n \n \"), providing for the transfer by RTEC to\n \n Star Diamond\n \n of all of RTEC's 75% interest in the Fort à la Corne diamond project located in central\n \n Saskatchewan\n \n (the \"\n \n Project\n \n \").\n \n \n \n \n \n \n \n \n \n The Agreement provides that, upon closing:\n \n \n \n RTEC will transfer to\n \n Star Diamond\n \n all of RTEC's 75% interest in the Project, such that the Project will be 100% owned by\n \n Star Diamond\n \n ;\n \n \n RTEC will transfer to\n \n Star Diamond\n \n ownership of the trench cutter drill rig used by RTEC to complete its prior bulk sampling program at the Project;\n \n \n RTEC will transfer to\n \n Star Diamond\n \n the Bulk Sample Plant located at the Project, including the TOMRA XRT diamond sorting machine that is on-site;\n \n \n \n Star Diamond\n \n will issue to RTEC and/or an affiliate that number of common shares of\n \n Star Diamond\n \n that results in RTEC and its affiliates owning 19.9% of the then outstanding common shares of\n \n Star Diamond\n \n (RTEC and its affiliates currently own approximately 2.3% of\n \n Star Diamond's\n \n outstanding common shares); and\n \n \n RTEC and\n \n Star Diamond\n \n will enter into an Investor Rights Agreement whereby, among other things, RTEC will be granted certain pre-emptive rights to maintain its 19.9% ownership interest in\n \n Star Diamond\n \n in connection with future financings undertaken by\n \n Star Diamond\n \n , and RTEC will agree to certain standstill protections provided that RTEC will have the right to increase its 19.9% ownership position ...

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