DIAMONDS: Peregrine to acquire explorer in Botswana

VANCOUVER – Peregrine Diamonds has entered into an agreement to acquire all of the shares of a private exploration company, Diamexstrat Botswana. DES Botswana's primary assets are eight diamond prospecting licences covering 5,746 km² in Botswana.

Peregrine president and CEO Tom Peregoodoff called the deal one of the most compelling diamonds exploration opportunities he has seen recently.

"With this single transaction, we have become a significant diamond exploration player in Botswana. The principals of DES Botswana … have compiled a county-wide data set that is unparalleled in its scope and depth. They have assembled what we believe is the most prospective land package for new diamond discoveries in Botswana," he added.

Peregrine has granted DES Botswana's parent company in the United Kingdom a 1% gross overriding royalty that may be bought out under certain conditions. The Canadian will also assume a $450,000 loan that is currently owned by DES Botswana to DES UK.

Additional details pertaining to the transaction are available in the March 30, 2015, news release at PDiam.com.