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Botswana Diamonds PLC - London-based exploration & project development company focused on Botswana and South Africa - Agrees acquisition of an additional stake in the prospective Maibwe joint venture in Botswana. Says its subsidiary, Siseko Minerals Pty Ltd, has increased its stake in the prospective Maibwe JV to 50% from 29%.
Firm holds a 51.7% stake in Siseko.
Notes consideration payable by Siseko is BWP411,800, about GBP27,215.
"In addition, Maibwe has agreed to pay a royalty to the liquidators of BCL Botswana of 2% from any future commercial development. Maibwe has eleven prospecting licenses in the Kalahari of Botswana with several kimberlite pipes; one of which has reported significant quantities of microdiamonds," company adds.
Current stock price: 1.10 pence, up 4.8% on Wednesday
12-month change: up 33%
By Paul McGowan; paulmcgowan@alliancenews.com
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