Rex Diamond Mining (RXD-T) has taken steps to rationalize its South African assets.
The company will acquire all the diamond mining properties, including the Ardo and Rex mines, of subsidiary Carrig Diamond in exchange for 1.6 million Rex shares.
Carrig recently converted its 6.2-million-Rand debenture into ordinary shares of Carrig in order to strengthen its balance sheet, which had left Rex’s holding in Carrig at 72.1%. By acquiring the remaining 27.9% interest, Rex expects to increase the efficiency of its operations.
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