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Pangea DiamondFields repays loan to Panex, gets option extension for SAfrica ops

23rd Jan 2009, 9:49 am Pangea DiamondFields repays loan to Panex, gets option extension for SAfrica ops

Pangea DiamondFields PLC said it has repaid in full its obligations relating to a loan of US$2 million with Pangea Exploration (Proprietary) Ltd (Panex) and in turn has received an extension of the option agreement over its South African assets.

The loan was provided to Pangea Diamonds (Pty) Ltd (PDL), the holding company for Pangea's interests in its South African projects including Bakerville and Harts River. Pangea has a 74 percent interest in PDL through its wholly owned subsidiary, Efidium Ltd. The remaining 26 percent interest is held by Panex.

PDF has used some of the proceeds of the successful open offer announced in December 2008 to settle in full the outstanding loan obligations it had with Panex.  

In addition to its existing interest in PDL, Efidium held an option, which was due to expire on March 31 2009, to acquire the remaining interest in PDL from Panex for US$2.175 million. Upon repayment in full of the loan, Panex has granted a new option to Efidium, expiring on June 30 2010, to acquire the remaining 26 percent interest in PDL from Panex for US$2.5 million.

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