Lucara buys African Diamonds for CAD 82mn in Botswana deal

By bne IntelliNews October 5, 2010
Lucara Diamond Corporationhas agreed to buy exploration company African Diamonds for CAD 82mn in a dealthat will enable both companies to benefit from the AK6 diamond discovery inBotswana, it was reported. The deal will see shareholders get CAD 0.80 of aLucara share and 1 share in a new company, Botswana Exploration plc, for every1 share in African Diamonds. As a result, African Diamonds will own 26.6% ofLucara, which will wholly own AK6. African Diamonds chairman John Teeling saidthe logic of the deal is compelling and that marrying the two companies willcreate a CAD 240mn emerging diamond producer controlling two new kimberlitediamond mines.

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