VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 3, 2009) - Lucara Diamond Corp. ('Lucara') (TSX VENTURE:LUC) and Motapa Diamonds Inc. ('Motapa') (TSX VENTURE:MTP) are pleased to announce that they have completed the previously announced acquisition by Lucara of all of the outstanding shares in Motapa (the "Transaction"). The Transaction was completed by way of a plan of arrangement under the Business Corporations Act (British Columbia) that was approved by 99.7% of the votes cast at a special meeting of Motapa shareholders held on June 26, 2009 and received approval of the British Columbia Supreme Court on July 2, 2009.
Pursuant to the plan of arrangement, all of the issued and outstanding common shares of Motapa were transferred to Lucara in consideration for the issuance by Lucara of 0.9055 common shares of Lucara for each Motapa share received. The outstanding stock options of Motapa were replaced by options to purchase common shares of Lucara based on the same exchange ratio.
Pursuant to the plan of arrangement, Lucara has issued 34,455,022 common shares of Lucara to former shareholders of Motapa and has authorized the issuance of an additional 3,019,835 common shares upon the exercise of stock options held by former option holders of Motapa. As at July 3, 2009, following completion of the Transaction, there are approximately 98,441,243 issued and outstanding common shares of Lucara.
The TSX Venture Exchange will be disseminating a notice announcing the delisting of Motapa. It is anticipated that Motapa shares will be delisted from trading on the TSX Venture exchange effective on the close of business on July 3, 2009.
Dr. John Gurney and Dr. Larry Ott have joined Lucara's Board of Directors.
Following the completion of the Transaction, Lucara's newly constituted board of directors will consist of:
Mr. Lukas Lundin
Mr. Paul Conibear
Mr. Brian Edgar
Dr. John Gurney
Dr. Larry Ott
Lucara's executive and management team will consist of:
Mr. Lukas Lundin - Chief Executive Officer and Chairman
Mr. William Lamb - President and Chief Operating Officer
Ms. Susan Neale - Chief Financial Officer
Dr. Larry Ott - Vice President, Exploration
Ms. Bryn Paskalidis - Corporate Secretary
John J. Gurney was the chairman of Motapa and has served in this capacity since Motapa's founding in March 1998. Dr. Gurney has a PhD in geochemistry and a BSc (Honours) from the University of Cape Town, where he has served as a professor since 1984. Dr. Gurney is one of the world's leading authorities in the field of geochemical exploration for diamondiferous kimberlites. Through his research group at the University of Cape Town and within Mineral Services, Dr. Gurney continues to direct numerous projects to improve diamond exploration techniques.
