CIC Mining to acquire Global assets for Arctic Star

Consulting and advisory firm CIC Mining Resources has agreed a deal with Arctic Star Diamond to provide various services with respect to Global Diamond Resources, which is in administration.

CIC Mining Resources has been appointed to purchase, on Arctic's behalf, various assets including the goodwill, the business name, records/exploration data and website from Global's administrators, Grant Thornton UK in the form of an asset purchase agreement.

CIC Mining Resources also undertook to seek an agreement with the administrators that provides for an investigation into whether there is a case for the recovery of any loss or any other asset of Global.

In addition to the CIC's expenses, Arctic has agreed to pay:

* £1.2m in shares in a series payable on signing of the agreement for services rendered

* conditional upon any successful recovery of assets to the administrators and any subsequent sale to Arctic, Arctic has agreed to provide CIC with shares to the value of 20% of the total uplift in value of the market capitalisation of Arctic as a result of the successful performance by CIC Mining Resources of its obligations under the agreement.

Story provided by StockMarketWire.com