Lucara Acquisition Approved by Motapa Shareholders
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2009) - Lucara Diamond Corp. (TSX VENTURE:LUC) is pleased to report that the previously announced acquisition of Motapa Diamonds Inc. ("Motapa") pursuant to a plan of arrangement under the Business Corporations Act (B.C.) has been overwhelmingly approved by Motapa shareholders. The transaction was approved by a vote of 99.7% in favour at a special meeting of Motapa shareholders held today.
Under the plan of arrangement, each Motapa share will be exchanged for 0.9055 shares of Lucara. The convertible securities of Motapa will be acquired based on the same exchange ratio.
The completion of the transaction remains subject to the final hearing of the British Columbia Supreme Court, currently expected to take place on July 2, 2009, with the closing of the transaction to occur shortly thereafter.
Lucara Diamond Corp. is an African focused diamond exploration and development company. The Company is building a portfolio of advanced staged diamond assets with a view to become a leading mid-tier African producer. Lucara is a member of the Lundin Group of Companies and is listed on the TSX Venture Exchange under the symbol "LUC". Lucara continues to evaluate projects throughout Africa for possible earn-in or acquisition.
On Behalf of the Board,
William Lamb, President and COO
Forward-looking statements: This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capacity to execute and implement its future plans. Actual results may differ materially from those projected by management.