Dominion buys out Fipke
Dominion Diamond Corporation (TSX:DDD) recently announced that it had entered into an agreement with C. Fipke Holdings Ltd. to acquire Fipke Holding's 10 per cent interests in the Ekati Diamond Mine at a price equivalent to the price paid to BHP Billiton in 2013 for its interests.
Robert Gannicott, Dominion Diamond CEO said in a statement, "Although the sale by Chuck Fipke of his interest in the Ekati Project ends his financial involvement with Canada's first diamond mine, his contribution to its discovery and success goes well beyond that."
The Ekati mine property is two zones, the Core Zone and the Buffer Zone. Fipke Holdings will sell its 10 per cent interest in the Ekati mine Core Zone for USD $50 million, subject to adjustments, payable over 31 months in cash or common shares. Fipke Holding's 10 per cent interest in the Ekati mine Buffer zone will earn him $17 million, subject to the same adjustments.
Dominion reports the $17 million to be payable in cash on closing, which is expect to occur sometime this September.
Biz award nominations open
The Yellowknife Chamber of Commerce is now accepting nominations for the annual chamber business awards to be held on Oct. 24 at the Explorer Hotel. A nomination package is available for download on the Yellowknife Chamber of Commerce website.
Chamber scholarship golf tournament
This Friday, the Yellowknife Chamber of Commerce will be teeing off for its third annual Scholarship Golf Classic at the Yellowknife Golf Club.
Shotgun start is at 1 p.m., followed by dinner at 6 p.m. The golf tournament is in support of the Yellowknife Chamber of Commerce scholarship which will award $1,500 to two high school graduates pursuing post-secondary education in an accredited business program.
Applications for the scholarship are open now with an Aug. 1 deadline.