07:18 AM EDT, 03/27/2024 (MT Newswires) -- Star Diamond Corp ( SHGDF ) overnight Tuesday announced the completion of its previously announced transaction with Rio Tinto Exploration Canada Inc. (RTEC) whereby RTEC has transferred to Star Diamond ( SHGDF ) its 75% interest in the Fort a la Corne diamond project in central Saskatchewan. Star Diamond ( SHGDF ) now owns 100% of the Project.

Star Diamond ( SHGDF ) issued 108.2 million common shares to RTEC, so that RTEC and its affiliates now own 19.9% of the company's issued and outstanding common shares. RTEC has also been granted certain pre-emptive rights to maintain its 19.9% ownership interest in Star Diamond ( SHGDF ) in connection with future financings.

RTEC has also agreed to certain standstill protections provided that it has the right to increase its 19.9% ownership position in the event that Star Diamond ( SHGDF ) receives an acquisition proposal.