A financing deal between
The agreement calls for Antares to buy 416,667 Vaaldiam shares at 36 cents each and subscribe to convertible debenture financings worth a total of $850,000. The share purchase is based on one share and one warrant, with which Antares can buy a share for 46 cents before Oct. 21, 2000. The debentures are convertible into either Vaaldiam shares at 36 cents each or up to a 50% interest in the company’s Vetpan diamond project, west of Johannesburg, South Africa.
The total value of the deal is $1 million, which Vaaldiam will spend to mine a 50,000-tonne gravel bulk sample at the property. A 6,000-tonne bulk sample taken by another operator in 1994 yielded 99.71 carats, which were sold for an average of US$493 per carat.
The proposed merger is subject to due diligence, as well as regulator and shareholder approval.
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