2nd Jan 2019 11:26
LONDON (Alliance News) - Richland Resources Ltd on Wednesday said it has extended the maturity date on its loan as it remains in talks to either sell its Capricorn Sapphire mine in Australia and finance the restart of production there.
Back at the end of September, gemstone miner Richland announced it was in talks to either recommence production at Capricorn Sapphire or to sell the mine.
At present, Richland said, it is in talks with a single unnamed party for the sale of the entire Capricorn Sapphire project.
However, the firm said that it cannot guarantee either the sale or the recommissioning of the mine at this time.
In addition, Richland said it has signed an addendum to its GBP400,000 convertible loan, extending the maturity date to the end of February. The previous maturity date was this past Monday.
No additional payment was required for the extension and all other terms are unaltered, the miner said
Shares in Richland were trading flat at 0.12 pence on Wednesday in London.
Related Shares:
RLD.L