Monroe closes sale of diamond interests

Monroe Minerals Inc. has received US$1,050,000 in cash and a 10% carried equity interest in developments arising from the intellectual data base of Monroe Mining (Pty) Limited, with the closing of previously announced sale of its African diamond interests to Namakwa Diamonds Holdings (Pty) Ltd (Namakwa).

Of the balance of the consideration, US$300,000 has been paid into escrow with Monroe”s legal counsel in Johannesburg until South African ministerial consent to the sale of Monroe SA is received, and approximately US$50,000 will be paid upon the completion of delivery of minor assets to Namakwa.

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