NSL secures funding for Indian iron-ore projects
PERTH (miningweekly.com) – India-focused NSL Consolidated has secured a $4-million convertible loan facility from a US-based investment firm to fund its iron-ore projects.
Under the loan facility with Magna, NSL would receive $125 000 on the date of closing, and an additional $125 000 within 30 trading days of closing. Subsequent funding in tranches of up to $250 000 would be available every 60 calendar days at NSL’s election.
The unsecured facility would have a 24-month term, and would bear no interest costs, and can be repaid at any stage, with a 15% premium. The facility could also be converted into NSL shares at any time by Magna, at a 20% discount to the five-day volume-weighted average price of NSL’s ordinary shares.
The commitment shares would be issued within the company’s placement capacity, and NSL would seek shareholder approval for the issue of subsequent securities, if and when required.
“This competitively priced funding facility replaces the Efectivo facility and provides the financial capacity to allow the company to pursue its Indian iron-ore production strategy that will add significant shareholder value,” said NSL MD Cedric Goode.
“The funding will be put towards finalising offtake arrangements and production.”
Goode said that the funding facility had the ability to deliver significant benefits to NSL by providing funding stability in concert with a sophisticated supportive funding partner that was focused on longer-term partnerships.
NSL in July last year restarted its dry beneficiation plant in India.
The first phase of the operation would see NSL transport about 200 000 t of low-grade existing stockpiles at its AP23 tenement to the Kurnool stockyard. The material will be processed through the existing NSL plant, which had been under care and maintenance.
The company was expected to announce the results of its offtake negotiations in the coming weeks.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
CSIR International Convention Centre (CSIR ICC) - the leading conference and events venue in Pretoria/Tshwane.
VISIT SHOWROOM
We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
