Richland secures $500 000 loan
JOHANNESBURG (miningweekly.com) – Aim-listed gemstone producer Richland Resources has entered into a $500 000 unsecured loan facility with two of the company’s directors and a long-term shareholder to satisfy ongoing working capital requirements.
The loan facility would provide the company with additional working capital and financial flexibility as it continues to build various sales channels to best position it to achieve optimum prices for its material and develop markets and buyers for its entire range of production, which comprises over 120 different categories of gemstones with varying grade, size and value characteristics.
“The last six months have seen significant progress at our Capricorn sapphire mine as we continue to develop long-term sales channels and optimise operations and we remain on course to meet our ramp-up targets.
“With an updated Joint Ore Reserves Committee-compliant resource estimate recently established and a comprehensive 12 month mine plan in place, we have now secured this loan facility from an existing shareholder and two directors to support the company during this development phase. We believe this facility is the most attractive financial solution to bridge the potential funding gap while we further develop our sapphire sales and marketing channels,” CEO Bernard Olivier said in a statement issued on Tuesday.
The loan facility was unsecured, had a 12-month term and would bear interest at 10% a year.
Richland directors Edward Nealon and Nicholas Sibley had each provided $150 000, while shareholder Ashwath Mehra provided the other $200 000.
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