Diamond Fields Resources Inc. has updated its shareholders on the status of the acquisition of Moydow Holdings Ltd. pursuant to the transaction announced on Aug. 25, 2021. The TSX Venture Exchange has provided conditional approval to the acquisition, subject to shareholder approval to the transaction and other standard conditions. The company has scheduled an annual general and special meeting of the shareholders of the company to be held on June 9, 2022, to, among other things, seek approval to the transaction. The exchange has also provided conditional approval to the founder investments as referred to in the transaction press release and has provided conditional approval to the new financing announced in the March 11, 2022, press release.
The record date for the meeting is April 29, 2022. The management information circular for the meeting setting out the particulars of the transaction will be mailed to shareholders in mid-May, 2022. Subject to shareholder approval, the transaction is anticipated to close in mid-June, 2022.
Diamond Fields is a TSX Venture Exchange-listed exploration and mine development company with assets in Madagascar and Namibia. In Madagascar, Diamond Fields is developing the Beravina project, an advanced high-grade hardrock zircon exploration prospect located in the west of the country, approximately 220 kilometres east of the port of Maintirano and close to a state road. Diamond Fields acquired Beravina from Pala Investments and Austral Resources in 2016. In Namibia, the company owns several offshore diamond mining licences, including the ML 111 concession, which has a 10-year mining licence, effective until Dec. 4, 2025. In 2018 and early 2019, mining undertaken by a contractor on the company’s ML111 licence area produced two parcels of rough diamonds totalling 47,318.41 carats.
Moydow is a privately owned, British Virgin Islands-registered, West African-focused gold exploration business, which was formed in 2019, and which, subsequently in 2020, acquired from Alternative Investment Market-listed Panthera Resources PLC its interest in the Labola project (Burkina Faso), followed by the Kalaka (Mali) project interest in 2021. At closing of the transaction, Moydow would be controlled by Diamond Fields. Moydow has interests in gold projects in West Africa: Labola in Burkina Faso, Kalaka in Mali, and Dagma, Paimasa/Mint and Dext in Nigeria.
