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Diamond explorer Botswana Diamonds agreed to acquire the KX36 diamond discovery from in Botswana, along with two adjacent prospecting licences and a diamond processing plant, for $300K.
These interests were part of a package held by Sekaka Diamonds. The company was acquiring 100% of the shares of Sekaka, and the vendor was Petra Diamonds.
Under the terms of the deal, the company paid US$300K and agreed to pay a 5% royalty on future revenues.
The acquisition was subject to customary regulatory approvals.
'KX36 is the most significant diamond discovery in Botswana since Orapa and Jwaneng. KX36, together with its associated prospecting licenses, adds scale to the company's Sunland and Maibwe JV properties in the Kalahari,' said Botswana Diamonds.
'Botswana Diamonds will refine resource estimates of KX36, and development options,' it added.
At 8:37am: (LON:BOD) Botswana Diamonds PLC share price was 0p at 0.75p