1st May 2019 11:04
LONDON (Alliance News) - Richland Resources Ltd said Wednesday it was now focused on the sale of at least part of its sapphire mine in Australia, whilst it has also secured an extension to two convertible loan facilities.
Shares in Richland were 7.2% higher at 0.094 pence on Wednesday.
In September, Richland announced it was in talks with potential strategic investors to secure funding to bring its Capricorn sapphire mine in Queenland back into production.
Since then, Richland has now focused upon looking to sell all or part of the mine. Richland added it was in talks with one potential buyer, in particular, with an eye to the sale of the entire mine.
In addition, Richland said it had secured its third date extension to two convertible loan facilities. The GBP400,000 and USD150,000 secured convertible loan facilities have now been extended until the end of May, from the end of April, as originally agreed.
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