Aim-listed BlueRock Diamonds, which owns and operates the Kareevlei mine, in the Kimberley region of South Africa, has entered into a loan with chairperson Paul Beck and CEO Adam Waugh.
The principal amount of the loan is £231 400, comprising £50 000 from Beck and £181 400 from Waugh.
The key provisions of the loan include a term of up to three years, but pre-payable in full or in part at any time at the option of the company, an arrangement fee of 5% of the loan principal, interest payable of 11% a year on the loan principal payable quarterly, 6% payable in cash and the remaining 5% payable by a combination of cash and shares.
BlueRock last week announced that a provision liquidation court application had been withdrawn after the company agreed to provide security for a £230 000 claim by former CEO Riaan Visser.