(RTTNews) - Lucara Diamond Corp. (LUC.TO) said that it agreed to sell its Clara Rough Diamond Sales Platform to its original founders, a group led by the HRA Group of Companies and Eira Thomas.
As per the terms of the sale agreement, the Founders will acquire 100% ownership of Lucara's interests in Clara Diamond Solutions GP Inc., Clara Diamond Solutions Limited Partnership, and Clara Diamond Solutions B.V., including all intellectual property rights, commercial contracts, and operating assets. The total consideration comprises approximately US$3.0 million in cash at closing and the return of 10 million Lucara common shares initially issued as partial consideration when Lucara originally acquired the Clara platform in 2018, and the transfer of liabilities tied to sales performance metrics or a change of control, amounting to a share issuance obligation of 13.40 million Lucara common shares.
Lucara noted that it will retain a 3% Net Profit Interest on Clara's net earnings. The Company has also granted Clara a 5-year rough diamond supply agreement for stones meeting the size and quality specifications historically sold through the Clara platform. The supply agreement may be terminated after the second anniversary or as otherwise mutually agreed between the parties.
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