TORONTO — Tiomin Resources and Vaaldiam Resources have entered into a definitive agreement whereby Tiomin will acquire all of the outstanding common shares of Vaaldiam in an all-share transaction. Tiomin is offering 0.80 of a Tiomin common share for each share of Vaaldiam. Upon completion of the transaction and regulatory approvals, Vaaldiam will be a wholly owned subsidiary of Tiomin. Vaaldiam’s existing shareholders will hold approximately 30% of Tiomin.
The resulting company will be a diamond producer with two suspended Brazilian mines – Duas Barras and Chapada – thanks to Vaaldiam’s assets. Vaaldiam also brings four advanced exploration diamond projects to the table.
Tiomin says diamond mining will resume with targets of 20,000 ct in 2010 and 40,000 ct in 2011. The move to diamonds is a significant departure for Tiomin, a company that previous pinned its hopes on the Kwale titanium project in Kenya and its half-interest in the Pukaqaqa copper-gold deposit in Peru.
More information about this acquisition is available at www.Tiomin.com.