FDX 0.00% 2.4¢ frontier diamonds ltd

News: FDX Frontier Diamonds Says Transaction To Purchase Star Diamond Mine Will Be Cancelled

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    Jan 30 (Reuters) - Frontier Diamonds Ltd (FDX) :

    • TRANSACTION TO PURCHASE STAR DIAMOND MINE WILL BE CANCELLED
    • TO RETAIN STAR MINE WITHIN FDX AS A CORNERSTONE ASSET
    • ENTERED INTO REVISED MOU WITH STAR MINE PURCHASER, AMR BLOM (PTY) LTD
    • AMR BLOM EXECUTED LOAN AGREEMENT OF UP TO A$3.5M TO FINANCE FDX AND RECOMMENCEMENT OF STAR MINE
    • SEDIBENG MINE TO BE SOLD TO EX-DIRECTOR JAN LOUW AND ASSOCIATES, DEAL WILL ELIMINATE ABOUT $8.1 MILLION OF DEBT
    • TOTAL ESTIMATED COSTS TO RESTART OPERATIONS AT STAR EXPECTED TO BE A$3M
 
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