Vancouver – Agreements are in place for Diamond Fields International (DFI-T) to cancel all its royalty obligations with Jean-Raymond Boulle.
The company will issue 1.7 million shares to eliminate the gross overriding royalties on projects in Madagascar, Sierra Leone, Angola, the Democratic Republic of the Congo, Russia, Algeria, and certain areas of Greenland.
The deal is expected to expedite Diamond Fields’ effort in securing a joint-venture partner for its Greenland nickel project.
Diamond Fields initially entered into the royalty arrangement with Boulle, also an insider of the company, to build its property portfolio and footprint in a number of regions with no up-front costs.
Additionally, diamond exploration programs in Sierra Leone and Madagascar have been discontinued and will be returned to Boulle and associated companies; and based on results, the Ogna nickel project in Norway will be disposed of.
The company recently announced plans to raise up to $5 million through a private placement financing of 14.3 million units at 35 a piece.
Beyond its core marine diamond mining operations off the Namibian coast, the company has also recently been focused on gold and diamond projects in Liberia, and on its Greenland nickel project.