Diamante Minerals Inc (OTCBB:DIMN) provided complete overview of its business, operations and the financial performance. The company was established under the laws prevailing in the State of Nevada, United States on October 26, 2010. It was established as Oconn Industries Corp. Later, on March 11, 2014, the Company opted for a new name; ‘Diamante Minerals, Inc.’ The Company operates in the field of mineral properties. It basically acquires explores and develops mineral properties.
Diamante Minerals stated that last year in February, the company entered into a letter deal with Mineracao Batovi Ltda., which is a mineral exploration and mining firm in Brazil. The deal was to purchase up to a 75% stake in a diamond exploration project based in the north of Paranatinga in Mato Grosso and form a joint business enterprise valued at about $12 million.
The financial update
Throughout the three-months ended January 31, 2015, Diamante Minerals was focused on the due diligence needed for the key project, and the negotiation talks of the definitive deal with Mineracao Batovi that was finalized and delivered after the completion of the period included in the quarterly report, on November, 20, 2014.
Diamante Minerals will contribute $1 million in cash to a new joint venture entity to be formed in Brazil in exchange for a 20% equity interest, and Brazilian firm Mineracao Batovi will give the mineral claims related with the Batovi Diamond Project to new entity in exchange for an 80% equity interest. The company may get an additional 29% equity interest in the new entity by funding $2 million of exploration expenses before November 20, 2017. Also, Diamante Minerals issued 2.7 million non-assessable and fully-paid common shares at a price of $1.87 a share to Kel-Ex.
In last trading session, Diamante Minerals share price surged 3.54% to close at $2.05 with share volume of 183,467.