Diamante Minerals Inc (OTCBB:DIMN) presented complete overview of its business performance, operations and the financial position. The company was formulated under the regulations established in the State of Nevada on October 26, 2010. It was initially created as Oconn Industries Corp but later in March 2014 was assigned a new name which is none other than ‘Diamante Minerals, Inc.’ The main operations is in the industry of mineral properties. It acquires, explores and works on mineral properties.
Diamante Minerals mentioned in the latest filing that last year in February, it finalized a letter deal with firm Mineracao Batovi Ltda. It is reputed and well-recognized mineral exploration and mining entity in Brazil. The deal was to buy up to 75% stake in a major diamond exploration project. The project was located in the north of ‘Paranatinga’ in Mato Grosso. The company finalized a joint business enterprise worth approximately $12 million.
In the quarter that ended January 31, 2015, Diamante Minerals entire focus was on the due diligence that was required to complete the key project. It focused on the discussions related with the definitive deal with Brazilian firm Mineracao Batovi. The deal was made and delivered after the end of the period included in the last quarterly report.
Diamante Minerals Inc (OTCBB:DIMN) will make a payment of $1 million in cash to the joint venture entity that will be established in Brazil in lieu for a 20% equity interest. At the same time Brazilian firm will give the mineral claims pertaining to the Batovi Diamond Project to newly formed firm in exchange for an 80% equity interest. It may obtain an additional equity interest of as much as 29% in the new firm by funding exploration expenses of $2 million before November 20, 2017. The company share price are witnessing strong run after the filing of report.