Rockwell shareholders approve Bristco merger

Rockwell Diamonds, listed on the JSE, has acquired shareholder assist for the proposed acquisition and merger with an organization integrated in British Columbia owned by Mark Bristow, referred to as Bristco.

Bristow, who can also be a director of Rockwell and CEO of Barrick Gold Company, will purchase every excellent frequent share of Rockwell, apart from these shares already held by him and any dissenting shareholder, at a worth of C $ 0.005 every. .

The deal will successfully take away Rockwell from the JSE as soon as closed, which is anticipated to happen on March 10.

Rockwell has beforehand stated the acquisition and merger settlement is according to its liquidation technique.

Rockwell mined and developed alluvial diamond deposits in South Africa via varied subsidiaries earlier than Enterprise Rescue Practitioners (BRP) filed a petition to place three subsidiaries into liquidation in November 2016.

Shares of the troubled firm had been delisted from the TSX on the finish of August 2017.

Weekly mining on a earlier event, a liquidation listening to continued to be suspended pending doable bailout offers over time, together with from Ascot Diamonds.

In January 2018, Rockwell reported {that a} formal liquidation request for subsidiaries Rockwell Sources, HC van Wyk Diamonds and Saxendrift Mine had been postponed till March 2018, to offer Ascot ample time to barter a take care of interim liquidators Honey. Attorneys of Bloemfontein.

On the time, the diamond agency stated the method was difficult by “rushed BRPs” pushing the liquidation course of ahead regardless of a extra engaging provide for distressed property.

Rockwell had claimed lately that the difficulties she confronted had been the results of vital irregularities within the conduct of a significant contractor and a senior worker, who had been laid off in 2016.

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