https://www.miningweekly.com

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 Senior Deputy Editor Online

Comments

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

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







sq:0.07 0.106s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: