Adamas Buys Synthetics Producer Scio

RAPAPORT... Nevada-based Adamas One Corp. has bought all assetsbelonging to Scio Diamond, a producer of lab-grown diamonds. Adamas will pay $3.3 million over 18 months to cover Scio's secured debt, according to a December 11 filing with the US Securities andExchange Commission. Scio will also receive 350,000 shares of Adamas stock, which it will useto settle its unsecured debts of more than $3 million, the filing added. South Carolina-based Scio produces synthetic diamonds usingchemical vapor deposition (CVD), and was one of the founding members of theInternational Grown Diamond Association. Its owners will receive an additional900,000 Adamas shares once the liquidation of Scio is complete, and will beable to sell that stock gradually over the two years following the deal's closure,the filing added. The transaction is subject to approval by Scio's shareholders. Image: Diamond seeds growing in a reactor. (Scio Diamond)