DIAMOND PAGE — Nora seeks property in Namibia

Montreal-based Nora Exploration (NXI-M) has signed a deal under which it can acquire a full interest in a company with extensive diamond exploration concessions in Namibia.

Otjua Minerals, a subsidiary of Elizabeth Bay Diamonds, owns a 140-km-long concession up to 5.1 km wide on Namibia’s Atlantic coastline. Initially, Nora will acquire a 47% interest in the company; the details of that transaction will remain confidential until the receipt by Nora of an independent consultant’s report, which is expected to be tabled in March.

Nora has offered Elizabeth Bay $6.4 million in cash and shares for an additional 26% interest, and it has the option of acquiring the remaining 27% at a later date for $3.4 million in cash and shares.