Lab-Grown Diamond Company Acquired

Lab-grown diamond producer Scio Diamond announced that its assets are being acquired by Adamas One Corp.

In the deal, Adamas One will pay off Greenville, SC-based Scio’s secured debt, totaling $3.3 million, in the 18 months following closing, according to a filing with the U.S. Securities and Exchange Commission.

Nevada-based Adamas will also issue 350,000 shares of its common stock to Scio to settle Scio’s unsecured debt of $3 million.

And it will provide 900,000 shares to be distributed to shareholders upon liquidation of Scio.

Completion of the deal is subject to various condition, including approval by Adamas shareholders.

Scio was previously known as Apollo Diamond Corp.

IDEX Online notes that Scio produces its diamonds via the chemical vapor deposition (CVD) method.