BlueRock Diamonds enters agreement with John Kilham

BlueRock Diamonds announced on Friday that, following the resignation of John Kilham on 19 October, the company announces that it has entered into an acquisition and settlement agreement with Kilham in order to resolve outstanding matters.

The AIM-traded firm said that, under the Agreement, the company has agreed to acquire a crusher from Kgalagadi Geoservices, a company controlled by Kilham, for ZAR 630,000 payable in cash in three equal monthly instalments from 1 February 2017.

It said the crusher was previously being rented by the company.

BlueRock said it has also agreed to pay Kilham a further sum of ZAR 539,000 by 10 December in settlement of outstanding consultancy fees due to Kgalagadi Geoservices and including consideration for materials supplied to the company by Kgalagadi.

The company said it was continuing to rent premises from Kgalagadi Asset Management, another firm controlled by Mr Kilham.

“It is intended that a lease agreement will shortly be entered into with Kgalagadi Asset Management for the continued lease of the premises at a rate of ZAR 15,000 per month,” the board said in a statement.

“This was previously ZAR 9,000 per month.”