Star Diamond Corporation reports that the audited financial results for the year ended December 31, 2023, will be filed today on SEDAR+. Accordingly, Star Diamond Corporation is a Canadian natural resource company focused on exploring and developing Saskatchewan’s diamond resources. These properties are in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development.
The Company also holds a 50% interest in the exploration and evaluation properties and assets of the Buffalo Hills JV located in north-central Alberta, Canada. Canterra Minerals Corporation (Canterra) holds the remaining 50% interest. Canterra is the operator of the Buffalo Hills JV.
Fort à la Corne mineral properties, the Company entered into a binding agreement with RTEC, providing for the transfer by RTEC to Star Diamond all of RTEC’s 75% interest in the Project. The Agreement provides that, upon closing; RTEC will transfer to Star Diamond all of RTEC’s 75% interest in the Project, such that the Project will be 100% owned by Star Diamond.
RTEC will transfer to Star Diamond ownership of the trench cutter drill rig used by RTEC to complete its prior bulk sampling program at the Project; RTEC will transfer to Star Diamond the Bulk Sample Plant located at the Project, including the TOMRA XRT diamond sorting machine that is on-site;
Star Diamond will issue to RTEC and/or an affiliate that number of common shares of Star Diamond that results in RTEC and its affiliates owning 19.9% of the then outstanding common shares of Star Diamond (RTEC and its affiliates currently own approximately 2.3% of Star Diamond’s outstanding common shares); and
RTEC and Star Diamond will enter into an Investor Rights Agreement whereby, among other things, RTEC will be granted certain pre-emptive rights to maintain its 19.9% ownership interest in Star Diamond in connection with future financings undertaken by Star Diamond, and RTEC will agree to certain standstill protections provided that RTEC will have the right to increase its 19.9% ownership position in the event that Star Diamond receives an acquisition proposal.
Year end results for the year ended December 31, 2023, the Company recorded a net loss of $2.8 million compared to a net loss of $68.8 million in 2022. The decrease in net loss year over year was due primarily to the prior year’s impairment charge of $66.3 million combined with the mark-to-market loss on the Wescan investment offset by the elimination of the $0.9 million contingent consideration.
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