Stellar extends exclusivity period for due diligence of Guinea assets
JOHANNESBURG (miningweekly.com) – Aim-listed Stellar Diamonds has extended the exclusivity period with financial corporation BDG Capital to August 31 for the conclusion of the due diligence process for the disposal of Stellar’s Guinea assets.
In June, the West Africa-focused diamond company entered into a conditional binding term sheet with BDG Capital for the proposed sale of its assets in the Republic of Guinea, with $250 000 cash paid to Stellar as an exclusivity fee, which covers two months for due diligence and completion of documentation.
BDG is expected to pay another $250 000 in exclusivity fees to Stellar in due course.
While the exclusivity period may be further extended, if required, the due diligence is mostly complete, barring the audit of one of Stellar’s Guinean subsidiary companies and the tax filings being completed for all three Guinea subsidiary companies within the portfolio being disposed of.
Meanwhile, the diamond development company also reported the repayment of an existing $1.24-million convertible loan note (CLN) to its noteholders Deutsche Balaton, Steven Poulton and Creditforce by way of entering into a new $1.34-million CLN agreement.
The new CLN comprises $600 000 from Steven Poulton, $450 000 from Creditforce and $290 000 from Deutsche Balaton.
The additional $100 000 capital will be used for working capital purposes.
The new CLN and accompanying warrants have the same terms as the original, now repaid CLN and accompanying warrants, with a few amendments and adjustments.
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