OGI Group has agreed to acquire a 50.7 percent stake in the diamond-bearing licensed area in Mozambique, which is located downstream of the Save River from the Rio Tinto Murowa mine and the Marange diamond fields in Zimbabwe.
Proactive Investors portal informs that within the framework of the transaction OGI Group will conclude an agreement on the repayment of a 78% share of the share capital of Save River Diamonds from current shareholders of this company. This will give OGI control over 50.7% of the portion of the License Lot 4969L, as well as the pre-emptive right to purchase a 51.1 percent share in the 4525L License Area.
As part of the deal, OGI Group planned to raise capital from $ 3.5 million to $ 6 million. The minimum amount of $ 3.5 million will be received from Novus Capital, which confirmed its willingness to provide support for the acquisition and financing of the project, the report said Proactive Investors.
OGI wanted to change its name, because now the company will focus its activities on exploration and mining of diamonds.