Rockwell moves to close Remhoogte/Holsloot deal
South African diamond miner Rockwell Diamonds has completed a “substantial” portion of the conditions precedent for its acquisition of the Remhoogte/Holsloot operations and associated assets, paving the way to close the transaction and assume ownership on June 1.
Resource Base The properties and assets are contiguous to Rockwell’s existing properties and will significantly enlarge its resource base in the Middle Orange river (MOR) region. All conditions precedent, including evidence of sufficient financing, to complete the acquisition of the project and its associated plant and equipment in the MOR have been met and the transaction is on track for financial completion by the end of May.
The JSE- and TSX-listed company has further secured and signed bridging loan agreements to meet the reduced purchase consideration of $21.9-million through the exclusion of certain earthmoving equipment from the assets being acquired.
The revised sales agreement includes the sale by Rockwell of the Saxendrift extension property – acquired in March 2013 – for $500 000, subject to the normal regulatory approvals. All required regulatory approvals pertaining to the deal, including South African Competition Commission consent and Section 11 authorisation from the Department of Mineral Resources to transfer the Remhoogte mineral rights to Rockwell, have been granted.
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