12th May 2015 15:26
LONDON (Alliance News) - Rurelec PLC Tuesday said it has received a repayment extension from Radix Investments UK Ltd as it awaits the proceeds from the sale of its controlling interest in its Canchayllo hydroelectric plant in Peru.
In April, Rurelec said it had not received USD6.6 million of proceeds from the sale, meaning it couldn't repay the GBP550,000 loan from Radix as planned.
Radix has now agreed to extend the repayment date until June 30, and has also supplied the power generation company with another GBP340,000 advance to cover costs in the meantime.
Rurelec shares were untraded on Tuesday, last trading at 3.85 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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