Adamas One Corp., a company registered in Nevada, USA had entered into a Definitive Agreement to purchase all the assets of Scio Diamond Technology Corporation, a publicly-listed US producer of lab-grown diamonds, according to a SEC filing by the latter. The agreement was signed on November 30, 2018.

Under the agreement, Adamas will settle all outstanding secured debt of Scio in the total amount of approximately $3.3 million over an eighteen-month period. In addition, it will issue 350,000 shares of Adamas common stock to Scio, with a guaranteed minimum resale price for the Company of $2.00 per share, to be used to settle unsecured debt in excess of $3,000,000.

Further, it will issue 900,000 of Adamas common stock to Scio to be distributed to its shareholders upon liquidation of Scio Diamond Tech Corp. The stock will be registered with the Securities and Exchange Commission and will be covered by lockup/leakout provisions which will allow the shareholders to sell them over the two-year period following closing, on a graduated basis.

The agreement is subject to satisfaction of numerous conditions and approvals.

There has been no separate announcement from Adamas One.