Image credit: Diamcor
Diamcor Mining, which owns the Krone-Endora at Venetia Project, in South Africa, says it intends to complete a convertible loan financing of up to C$3,5 million. It said the proceeds from the financing will be used for general corporate purposes, the resumption of operations, and the continued advancement of the work programmes previously underway before the COVID-19 related shut down at Krone-Endora.
The South African government recently eased its tough lockdown restrictions, which allows Diamcor to resume operations at the Krone-Endora.
The financing will consist of unsecured convertible promissory notes having a term of two years from the closing date and bearing interest at the rate of 10% per annum.
During the first year, interest will accrue and be payable at the first anniversary of the note.
In the second year, interest will accrue and be payable semi-annually.
No principal payments will be required until maturity.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
