BlueRock agrees settlement with former director

BlueRock Diamonds has agreed an acquisition and settlement with former director John Kilham.

BlueRock has agreed to acquire a crusher from Kgalagadi Geoservices (Pty) Limited, a company controlled by Kilham for ZAR630,000 payable in cash in three equal monthly instalments commencing on 1 February.

The crusher was previously being rented by the company. BlueRock has also agreed to pay Kilham a further sum of ZAR 539,000 by tomorrow (10 December) in settlement of outstanding consultancy fees due to Kgalagadi Geoservices and including consideration for materials supplied to the Company by Kgalagadi Geoservices.

BlueRock continues to rent premises from Kgalagadi Asset Management (Pty), another company controlled by 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 ZAR15,000 per month. This was previously ZAR 9,000 per month.

Kilham resigned as a director of BlueRock on 19 October but remains a related party as set out in the AIM Rules for Companies until 18 October 2017.

At 1:51pm: (LON:BRD) Bluerock Diamonds Plc Ord 1p share price was 0p at 5.75p

Story provided by