TransactionsTahera Diamond Completes Strategic Alliance with Teck ComincoPublished: 12/04/2006 By Andre Boivin, Erik Goldsilver, Paul M. Stein On December 4, 2006, Tahera Diamond Corporation completed a strategic alliance with Teck Cominco Limited, whereby Teck Cominco has purchased, on a private placement basis, 30 million units of Tahera at a price of $1.00 per unit for gross proceeds of $30 million. Teck Cominco also agreed to provide Tahera with mining and other technical advice and assistance in connection with the Jericho project, a diamond mine in Nunavut, pursuant to a technical support agreement. Concurrently with its transaction with Teck Cominco, Tahera entered into an amending agreement for its credit facility with Tiffany & Co., which defers all scheduled repayments of principal and interest under the credit facility until September 30, 2007. In consideration for such deferral, Tahera entered into a sale and marketing agreement that provides Tiffany with marketing rights for any production from the Muskox kimberlite which Tahera would be entitled to under its agreement with De Beers Canada Inc. Tahera is a Canadian diamond company. Teck Cominco is a diversified mining company, headquartered in Vancouver. Cassels Brock represented Tahera. |