Motapa Shareholders Approve Plan of Arrangement With Lucara
3:00 PM ET, June 26, 2009
VANCOUVER, BRITISH COLUMBIA, Jun 26, 2009 (Marketwire via COMTEX) --
Motapa Diamonds Inc. (MTP) ('Motapa') is pleased to report that the previously announced acquisition of all of the outstanding shares in Motapa by Lucara Diamond Corp. ('Lucara') 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.
On behalf of the Board
MOTAPA DIAMONDS INC.
Dr. Larry Ott, Chief Executive Officer
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
SOURCE: Motapa Diamonds Inc.
Motapa Diamonds Inc.
Dr. Larry Ott
Chief Executive Officer
+1 604 980 6770
contact@motapadiamonds.com
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