Miner Shear Minerals Ltd announced that Canada's Ontario Superior Court of Justice has granted its approval for the sale of the Jericho Diamond Mine, processing facilities and all supporting exploration assets, located in the Kitikmeot region of Nunavut, from Tahera Diamond Corp and Benachee Resources Inc to Shear Minerals.

In a press release posted on Market Wire, the miner said that the acquisition was still subject to several additional conditions noted in the purchase agreement, including successful completion by Shear of a minimum $10 million equity financing.

"The approval of the Court satisfies an important condition precedent to the closing of the Jericho acquisition," said Shear President and CEO Pamela Strand.

"We are very pleased to have succeeded in achieving this milestone in the sale process. It brings greater certainty to the acquisition, and allows us to focus our efforts on obtaining the equity financing and closing the transaction."