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Lucara Diamond buying blockchain platform, names new CEO

Lucara Diamond Corp. said Feb. 25 that it agreed to acquire Clara Diamond Solutions Corp., a digital sales platform for rough diamonds, in an all-share deal.

Clara uses proprietary analytics along with cloud and blockchain technologies to modernize the diamond supply chain. Lucara plans to commercialize the platform using diamonds produced from its Karowe mine in Botswana.

Lucara will issue 13.1 million shares to acquire Clara, while another 13.4 million shares will become payable once certain revenue generation milestones are achieved. The deal also covers a profit sharing system whereby the founders of the Clara technology and management of Clara will retain 13.33% and 6.67%, respectively, of the annual EBITDA generated by the platform, capped at US$25 million, for 10 years.

The company's board unanimously approved the acquisition.

Lucara, meanwhile, said William Lamb will be retiring as CEO and will be replaced by Eira Thomas, a founder and director of the company.

Thomas most recently served as CEO of Kaminak Gold Corp., which was acquired by Goldcorp Inc. for C$520 million in 2016.

Lamb will also be stepping down as a director while Catherine McLeod Seltzer, another founder of Lucara, will be joining the board.