Repadre, Corona revise agreement

In order to protect the interests of Repadre Capital’s (VSE) minority shareholders, Corona (TSE) and Repadre have revised their original private placement agreement. Instead of issuing both shares and warrants to Corona, Repadre has issued 1.3 million common shares and no warrants. Corona now owns 49% of the outstanding shares of Repadre, purchased at $1 per share.

This fall, Repadre will make a separate offering of warrants to all shareholders including Corona. Each shareholder will receive one- half of a warrant for each common share held, and each full warrant will entitle the holder to one further share at a price of $1.20. The warrant will expire two years after its issue.

Corona plans to acquire Repadre’s interest in a joint venture project with AMPAL, a Botswana company, to explore for diamonds in Botswana. Under the original agreement, Repadre’s name would be changed to Corona Diamonds International.

Repadre has completed its previously announced transaction to acquire all of Corona’s North American diamond properties.