Joseph Gutnick acquired entered into two agreements to acquire 19.91% equity stake in Merlin Diamonds Ltd. (ASX:MED) from Legend International Holdings, Inc. (OTCBB:LGDI) for AUD 7.7 million on March 12, 2013. Legend International Holdings will sell a total of 35 million ordinary shares in Merlin Diamonds at a price of AUD 0.22 per share. Closing of the sale will occur in ten business days.

Following the closing, Legend International Holdings will hold an interest of less than 1% in Merlin Diamonds. Funds raised from the sale will be used in the development of phosphate operations, to retire debt and for working capital purposes.