On Aug. 25, 2016, Diamond Fields International Ltd. received acceptance from the TSX Venture Exchange to an agreement among the company, its wholly owned subsidiary, Kimberley Overseas, Pala Investments Ltd. and Austral Resources Ltd. for the acquisition from Pala and Austral through Kimberley of 100 per cent of the issued shares of Action Mining Ltd., Mauritius company and the parent company of the Madagascar entity holding the licence to the Beravina zircon deposit in Madagascar (see news release dated Aug. 15, 2016).
In accordance with the terms of the agreement, on Sept. 6, 2016, the company issued a total of 3,265,650 common shares in its capital stock at a deemed value of two cents per share to Pala. These shares are subject to a hold period under applicable Canadian securities laws expiring on Jan. 7, 2017.
