Gem Diamonds Agrees Again to Extend Completion of Sale of Gem Diamonds Botswana Proprietary

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By Sabela Ojea

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Gem Diamonds Ltd. said Thursday that it has agreed to extend for the second time the date of completion of the sale of Gem Diamonds Botswana Proprietary Ltd. to Okwa Diamonds (Pty) Ltd. from March 31 to May 10 as a result of funding problems.

The owner of the Letseng Mine in Lesotho said that Okwa Diamonds, which is owned by Vast Resources PLC and by Botswana Diamonds PLC, needs to find another funding partner to replace Vast Resources for the acquisition.

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“Following discussions with, and upon the request of, Botswana Diamonds, the Company has agreed to extend the long-stop date to May 10 2022 to allow Botswana Diamonds to complete discussions with its selected potential funding partners,” the London-listed company said .

Gem Diamonds Botswana Proprietary Ltd. is the owner of the Ghaghoo diamond mine, located in Botswana, the company said, adding that in January the long-stop date for completion of this sale was extended to March 31.

Write to Sabela Ojea at [email protected]; @sabelaojeaguix

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Credit: www.marketwatch.com /

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