https://www.engineeringnews.co.za

BlueRock secures £400 000 to fund continuation of operations

2nd October 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed BlueRock Diamonds has entered into an agreement with substantial shareholder Mark Poole to issue £400 000 of convertible loan notes (CLNs), allowing it to finance continuing operations and expansion plans.

The CLNs would expire on October 16, 2019, carried a zero coupon, were not listed and benefited from a charge over the company's interest in Kareevlei Mining, in the Northern Cape. If BlueRock disposed of its interest in Kareevlei Mining, the charge would be released subject to early repayment of the CLNs at a premium of 20%.

The CLNs would be convertible at the holder's option at any time up to the end of the term into ordinary shares of 1p each in the capital of BlueRock at a conversion price of 11p.

Following the expected extension of the CLNs by £400 000, the amount outstanding would be £850 000.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Rosond
Rosond

ROSOND provides fast, efficient, safe, and cost-effective drilling and grouting services to mining and exploration industries throughout Africa.

VISIT SHOWROOM 
AirNox Pty Ltd
AirNox Pty Ltd

AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.06 1.604s - 140pq - 2rq
Subscribe Now