Rockwell extends loan repayment by two years, extends Steinmetz contract
TORONTO (miningweekly.com) – TSX- and JSE-listed Rockwell Diamonds on Wednesday executed an addendum with its main shareholder Daboll Consultants, which extended the repayment date of a $2-million convertible loan agreement, entered into in 2011, by two years to June 2, 2015.
The conversion right was also amended so that the loan was convertible at the prevailing market price of the company's shares over its two-year remaining term, with a minimum price of C$0.16 per share, for a maximum of 12.23-million shares, provided that the loan could be converted into no more than 10% of the company's share capital, unless authorised by a vote of disinterested Rockwell shareholders.
Rockwell had agreed to solicit such disinterested shareholder approval at its July 26, annual and special shareholders meeting.
The addendum also extended the current diamond marketing and beneficiation agreements with Daboll's affiliate Steinmetz Diamonds until 2018.
"This extension reinforces our long-standing partnership with Steinmetz Diamonds, both as our strategic marketing partner and Rockwell's largest shareholder. The majority of our production profile comprises the rare investment grade rough diamonds that Steinmetz Diamonds is renowned for polishing and marketing at the high end.
“Both parties have derived significant value from this partnership to date and we are confident that it will continue to add value going forward,” Rockwell president and CEO James Campbell said in a statement.
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