Toronto, Canada — MININGREVIEW.COM — 12 February, 2008 – BRC DiamondCore Limited (formerly named BRC Diamond Corporation) – a development company formed to focus on diamond exploration and production in southern and central Africa – today completed the acquisition of all of the outstanding shares of Diamond Core Resources Limited , thereby effecting the merger of its business with that of Diamond Core.
A news release issued here today explains that as the consideration for this acquisition, the company has issued to Diamond Core shareholders one common share of the company for every 24.5 Diamond Core shares held, subject to the rounding of fractional shares. The company now has outstanding approximately 25.74 million shares, and former Diamond Core shareholders hold approximately 47% of the company’s outstanding shares.
Concurrent with this transaction, the release adds, the company has changed its name from BRC Diamond Corporation to BRC DiamondCore Limited, and its shares have been approved for listing on the Toronto Stock Exchange TSX). The shares were expected to commence trading on the TSX this morning. The company’s shares began trading on the Johannesburg Stock Exchange (JSE) on February 4, 2008, and will continue to do so under the new name.
Company President Mike de Wit points out that although the merger of the businesses has only become effective today, the two teams have been working together for several months, and the activity level in the field has been increasing through this period of corporate activity.
“We have made great progress on prioritising and mobilising exploration teams to the earlier stage projects, particularly in the Democratic Republic of the Congo, while trial mining continues at the Silverstreams and Paardeberg projects in South Africa,” he says. “We look forward to providing ongoing positive results as our portfolio of projects begins to shine through the first half of this year.”
Company CEO Theo Botoulas adds: “Integration of people is complete, systems and facilities are coming together well, and the group is now in an excellent position to deliver on our new vision as a growth-focused, African diamond company.”
BRC DiamondCore Limited has a broad spectrum of projects ranging from advanced stage trial mining operations through to grass-roots exploration. The projects comprise both prospective alluvial gravels and primary kimberlite targets.