28th Feb 2019 13:51
LONDON (Alliance News) - Australian sapphire producer and gemstones developer Richland Resources Ltd said Thursday it has secured a further extension to its GBP400,000 secured convertible loan to March 31 from February 28.
The loan was extended for no additional consideration and all other terms of the facility remain unchanged.
The miner said it is in discussions with the lender of the facility to potentially increase the facility to provide additional working capital. In September 2018, Richland secured an increase to the loan to GBP400,000 from GBP300,000 and then in December extended it to February 28.
Richland also said it remains in advanced discussions with one party, in particular, with regards to the potential sale of the entire Capricorn Sapphire mine in Queensland, Australia. The potential disposal was first announced by the company in December.
Shares in Richland were trading flat at 0.10 pence each on Thursday.
Related Shares:
RLD.L