DIAMOND EXPLORATION STRATEGIES COMPLETES TRANSACTION TO ACQUIRE HIGHLY PROSPECTIVE BOTSWANA EXPLORATION LICENCES FROM PEREGRINE DIAMONDS
Diamond Exploration Strategies Limited (“DES UK”), a UK registered private company is pleased to announce a transaction to acquire all of the shares of Diamexstrat Botswana (Proprietary) Ltd. (“DES Botswana”), a privately held Botswana-registered diamond exploration and development company, from Peregrine Diamonds Ltd. (“Peregrine”) (TSX:PGD). DES Botswana’s primary assets are twelve prospective diamond Prospecting Licences that cover 6,615 km2 in Botswana. DES UK will grant Peregrine a 1% gross overriding royalty (the “Royalty”) on all precious stone mineral interests held by DES Botswana at the time of closing. The agreement allows for DES UK to purchase the Royalty. The transaction will be completed once all regulatory approvals have been obtained.
Barry Bayly, CEO commented “We are appreciative of the excellent working relationship we have had with Peregrine over the past two years that facilitated the identification and acquisition of high-priority targets, and enabled a focused exploration programme that significantly advanced the understanding of the potential of the exploration licence portfolio. This transaction enables DES UK to proceed with new partners to execute a highly focused exploration programme.”
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