https://www.miningweekly.com

North River gets financial backing from Greenstone

28th June 2016

By: Anine Kilian

Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed North River announced on Tuesday that it had raised $5.6-million through the issue of new secured, conditionally convertible loan notes to financier Greenstone Resources.

The funds raised would be used, in conjunction with the company's existing cash resources, to repay the 2015 convertible loan notes issued to Greenstone in 2015.

The company also announced financing proposals to issue new shares to redeem the loan notes in full, subject to shareholder approval.

North River proposed to redeem 30% of the loan notes through conversion into new Greenstone shares and to redeem 70% of the loan notes through an open offer to all eligible shareholders.

On completion of these financing proposals, the company would have net additional working capital of about $2.5-million.

Greenstone's subscription for $5.6-million of loan notes provided the company with certainty of funding from Tuesday, without which it would need to commence drastic measures to reduce spending and more than likely enter into an insolvency process, which would lead to the loss of control over its Namib project.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/03/2024)
15th March 2024 By: Martin Creamer
Gold, hydrogen, mining boost make headlines
Gold, hydrogen, mining boost make headlines
15th March 2024
Magazine round up | 15 March 2024
Magazine round up | 15 March 2024
15th March 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:0.104 0.136s - 106pq - 2rq
Subscribe Now