| Mon 11 Feb 2008, 9:00 | | BCD - BRC Diamond Completes Combination With Diamond Core And Trading To |
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BCD
BCD
BCD - BRC Diamond Completes Combination With Diamond Core And Trading To
Commence On The TSX
BRC DIAMONDCORE LIMITED
(a Canadian corporation)
(Corporation Number: 627115-4)
Share Code on the JSE Limited: BCD
Share Code on the TSX-V: BRC ISIN: CA05565C1095
("BRC" or "the Company
BRC DIAMOND COMPLETES COMBINATION WITH DIAMOND CORE AND TRADING TO COMMENCE ON
THE TSX
BRC DiamondCore Ltd. (formerly named BRC Diamond Corporation) (the "Company")
(TSX - "BCD"; JSE - "BCD") is pleased to announce that it completed today the
acquisition of all of the outstanding shares of Diamond Core Resources Limited
("Diamond Core"), thereby effecting the merger of its business with Diamond
Core`s business.
As the consideration for this acquisition, the Company issued to Diamond Core
shareholders one common share of the Company for every 24.5 Diamond Core shares
held (subject to the rounding of fractional shares), such that the Company now
has outstanding approximately 25.74 million shares and former Diamond Core
shareholders now hold approximately 47% of the Company`s outstanding shares.
Concurrent with this transaction, the Company has changed its name from BRC
Diamond Corporation to BRC DiamondCore Ltd. and its shares have been approved
for listing on the Toronto Stock Exchange (the "TSX"). The Company`s shares are
expected to commence trading on the TSX this morning under the ticker "BCD" and
will be delisted from the TSX Venture Exchange concurrent with the TSX listing.
The Company`s shares began trading on the JSE Limited in Johannesburg on
February 4, 2008 and will continue to trade on the JSE Limited under the new
name under the ticker "BCD".
Mike de Wit, President of the Company, said: "Although the merger of the
businesses has only become effective today, our teams have been working together
for several months and the activity level in the field has been increasing
through this period of corporate activity. We have made great progress on
prioritizing and mobilizing exploration teams to the earlier stage projects,
particularly in the Democratic Republic of the Congo, while trial mining
continues at the Silverstreams and Paardeberg projects in South Africa. We look
forward to providing ongoing positive results as our portfolio of projects
begins to shine through the first half of this year."
Theo Botoulas, CEO of the Company, stated: "Mike and I are of a single mind -
that our skills can add the most value in the field, which is where we have kept
our focus. Fortunately, we have a great team alongside us and strong advisors
that delivered on creating this merged business that we are all excited about.
Integration of people is complete, systems and facilities are coming together
well, and the group is now in an excellent position to deliver on our new vision
as the growth-focused, African diamond company."
BRC DiamondCore Ltd. is an African-focused diamond explorer active in South
Africa and the Democratic Republic of the Congo. Led by a management team with
extensive experience in diamond exploration and mine development, the Company
has a broad spectrum of projects ranging from advanced stage trial mining
operations through grass-roots exploration. The Company`s projects comprise both
prospective alluvial gravels and primary kimberlite targets. In all of its
operations, the Company`s ethos is to proactively work in a responsible manner
to discover, assess and, where feasible, develop diamond resources for the
benefit of its shareholders and local stakeholders. The Company maintains
listings on the TSX and the JSE, in each case under the ticker "BCD".
For further information, please visit our website, www.brc-diamondcore.com, or
contact:
In Toronto: Arnold T. Kondrat, Director, or Martin D. Jones, Vice President,
Corporate Development, at (416) 366-2221 or 1-800-714-7938.
In Johannesburg: James Duncan, Russell & Associates, at 27 11 880-3924.
Johannesburg
11 February 2008
Sponsor
River Group
Date: 11/02/2008 09:00:10 Produced by the JSE SENS Department.
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