Sable Metals and Minerals Limited changed its
name to Middle East Diamond Resources Limited
(MEDR) following the conclusion of the
transaction whereby Broken Land Adventures
(Pty) Ltd (BLA) or its nominee. BLA or its nominee,
subscribed for 200 000 000 ordinary shares in the
company for a consideration of 4 cents per share
for an aggregate amount of R8 000 000.
Shareholders approved all resolutions at the
General Meeting that was held on 25 January
MEDR is currently reviewing various opportunities in the
diamond mining sector.
MEDR has acquired the operations of Kamfersdam from
Blain Capital Solutions Proprietary Limited for a
consideration of R14 million, payable by the issue of
40 000 000 shares at a price of 35 cents each. These
shares will be issued every six months in four equal
tranches of 10 000 000 shares each, provided the profit
before tax for each six-month period is at least R3.45
million. This operation will be managed by Blain Capital
during the two-year period.
MEDR is investigating further acquisitions in the diamond sector.