IDC reschedules DiamondCorp’s R220m loan
JOHANNESBURG (miningweekly.com) – The Industrial Development Corporation (IDC) has approved the rescheduling of dual-listed DiamondCorp’s existing R220-million loan, including the capitalisation of interest previously due in 2016.
The IDC also agreed to the ongoing capitalisation of interest and deferment of capital payments previously due in 2016 of about R82-million, as well as for interest and capital repayments to now be payable on a quarterly basis from February 1, 2017. This was previously payable on a six-monthly basis.
The revised loan would, from January 1, incur an interest rate of 3.2% plus South African prime per year (previously 2% plus South African prime per year).
The aggregate value of the revised loan principal and capitalised interest would, therefore, amount to about R311-million at January 31, 2017.
DiamondCorp also announced the proposed placing of new ordinary shares of 0.1p each in the company to raise gross proceeds of up to £4-million.
The placing is being conducted through a bookbuilding process which will be launched immediately and would be made to new and existing eligible institutional and other investors.
The net proceeds of the placing would be used, together with the proceeds from diamond sales, to fund production ramp-up through to becoming operationally cash flow positive from the third quarter of 2016.
DiamondCorp noted that the target quantum of the placing included working capital contingencies.
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