Under the terms of the agreement, Prima can acquire an undivided 100% interest in and to 45 mineral claims covering more than 2,275 ha in seven separate claim blocks.
On each of the seven claim blocks of the Orion diamond properties, prospective kimberlite targets were discovered through a recent regional airborne magnetic survey.
Prima CEO Robert Bick said: "So when the Orion Diamond Properties were offered to us, we jumped at the opportunity specifically because these properties are in the same diamond-rich producing zone which hosts Renard, Quebec’s new diamond mine.
"We are also very encouraged by the identification of prospective kimberlite targets on each of the claim blocks."
Prima has agreed to issue an aggregate of 12,000,000 common shares to Fiducie Ananke upon TSX Venture Exchange acceptance, under the option grant.
Additionally, a 2% Net Sales Royalty will be retained by Fiducie Ananke on all diamond production.
The agreement closing is subject to raising a minimum of $2,000,000 by Secutor Capital Management for exploration of Prima’s properties and for working capital.
A non-brokered private placement financing of up to 7,500,000 Units has been arranged by Prima at a price of $0.10 per Unit with a minimum of 5,000,000 Units for gross proceeds of up to $750,000.
The private placements proceeds will be used by Prima to conduct exploration on the Orion diamond properties, Munn Lake diamond property, Godspeed Lake diamond property, Liard Fluorspar property and for general working capital.
