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Provider: Reuters Investment Profile
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Newfield Resources Ltd to acquire Allotropes Diamonds Pty Ltd


Friday, 29 Nov 2013 01:31am EST 

Newfield Resources Ltd:Says entered into a conditional agreement to acquire 100 percent interest in Allotropes Diamonds Pty Ltd, which holds a diamond exploration project in Sierra Leone.Says consideration for the acquisition is to be satisfied by the issue of 29,000,000 fully paid ordinary shares in the company and 29,000,000 options, which are exercisable at A$0.30 each before June 15, 2016.Says the company will undertake a capital raising of up to A$6,000,000 with a minimum of A$4,000,000.Says additional capital will be applied to continue its exploration activities in Western Australia as well as the diamond exploration activity subject of the acquisition.