Tahera Diamond Corporation has received an acquisition offer from a group of Vancouver resource developers, following its financial crisis. Media reports add that the company has been approached by an unnamed privately owned company with a ‘plan sponsorship agreement' outlining a cash deal to acquire 100 percent of Tahera’s equity and help pay its creditors.

According to the company, the offer will not suffice total payment for all claims of its creditors. The agreement has to fulfill various conditions in including the necessary due diligence by the 'plan sponsor' before October 31, and approvals of the creditors and court. If the acquisition is approved, the present shares of Tahera will be taken over or cancelled by the plan sponsor and no value will remain with the present Tahera sponsors.

The mining company which is facing financial trouble is owns the Jericho mine in Canada’s Nunavut province. The company had stopped operations at the mine since February 6, 2008 as it could not raise further capital to financially support the operation.