Americas Diamond Corp: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Americas Diamond Corp Announces Execution Of Letter Of Intent To Acquire SUDAM Diamonds Ltd
Americas Diamond Corp announced that it has entered into a letter of intent to acquire SUDAM Diamonds Ltd, which has an option on two diamond concessions that have benefitted from an investment of over $13,000,000 in addition to a processing and production facility. SUDAM Diamonds Ltd (SUDAM) has assets consisting of two parts: 1) an option to acquire Compania Minera Adamantine CA (CMA), a Venezuelan company which presently holds two diamond concessions: Natal I and Natal II and 2) a 3-stage treatment plant, 50-70tph scrubber, 10tph DMS plant and X-Ray final recovery section from Bateman's in South Africa (this being the only diamond recovery plant of its type in Venezuela). Under the terms of the option to acquire CMA, ADMC is required to issues shares equal in value to $13,000,000 under the following terms: (a) 50% when production permits are issued; and (b) the remaining 50% when commercial production is reached. It is expected that the ADMC shares required to close the acquisition of CMA will be issued upon the closing of a definitive purchase agreement between SUDAM and ADMC. These ADMC shares will be priced at the lower of: (i) an assumed share price of $1.00, or (ii) the 5 day VWAP (volume weighted average price) when the milestones (receipt of production permits and commercial production) are achieved.
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