https://www.miningweekly.com

Stellar extends transaction longstop date with Octea Mining

3rd July 2017

By: Creamer Media Reporter

     

Font size: - +

JOHANNESBURG (miningweekly.com) – London-listed Stellar Diamonds on Monday said it had extended, by two weeks, the longstop date with Octea Mining for the satisfaction of certain of the conditions precedent of the binding tribute mining and revenue agreements for the Tongo-Tonguma mine development project, in Sierra Leone.

The West Africa-focused diamond development company may have the longstop date extended for a further two weeks subject to agreement from Octea.

In May, Stellar noted that following the legally binding conditional tribute mining agreement and revenue share agreement signed in April, key advances had been made in terms of signing the binding tribute mining agreement and signing the contract for the front-end engineering design (FEED) for the initial mine development.

A FEED study contract for the project was signed shortly thereafter, with Paradigm Project Management appointed to prepare the study.

Stellar also secured a further 45-day extension to the longstop dates with the noteholders of its two outstanding convertible loan notes.

This followed the two-month extension announced in May.

The longstop dates were extended to September 15 for the purposes of the $1.24-million convertible loan notes and to August 15 for the purposes of the $1.65-million convertible loan notes.

The extension can be further extended by one week should the dates fall during the notice period for a general meeting called for the purpose of obtaining shareholder approval for any aspect of the transaction.

All other terms of the tribute mining agreements and convertible loan notes remain in force.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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:0.052 0.077s - 128pq - 2rq
Subscribe Now