Vancouver-based Diagem International Resources (DGM-V) has taken over Diagem Resources, a private Ontario company, and acquired a 50% stake in a Brazilian diamond mining, processing and marketing business.
In return for these assets, Diagem issued 18.75 million shares at 30 cents per share and paid US$1.75 million cash.
The vendors and Diagem also invested US$3.5 million in a Barbados-based diamond marketing company. The alluvial diamond project in Mato Grosso, Brazil, entered production in early July and produced 9,620 carats that month. The washing plant has a capacity of 100 cubic yards per hour, and is operating with one Sortex machine. Diagem plans to install a second Sortex machine later this month.
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