Richland Resources Ltd Extension of Loan Facility and Strategy Update (7015X)
May 01 2019 - 1:30AM
UK Regulatory
TIDMRLD
RNS Number : 7015X
Richland Resources Ltd
01 May 2019
1 May 2019
Richland Resources Ltd
("Richland" or the "Company")
Extension of Secured Convertible Loan Facility
and update on Strategy for Capricorn Sapphire
Richland (AIM: RLD), the Australian sapphire producer and
gemstones developer, announces a further extension of its
GBP400,000 and US$150,000 secured convertible loan facility (the
"Convertible Loan Facility" or "CLN") to 31 May 2019 and an update
on its strategy in relation to its wholly owned subsidiary,
Capricorn Sapphire Pty Ltd ("Capricorn Sapphire"), owner of the
Capricorn sapphire mine in Queensland, Australia.
Further Extension of the Convertible Loan Facility
The Company has agreed and executed a fifth addendum to its
pre-existing Convertible Loan Facility (originally announced on 25
June 2018 and most recently announced on 1 April 2019), to further
extend the Convertible Loan Facility maturity date from 30 April
2019 to 31 May 2019, with all other terms unchanged.
As announced on 28 September 2018, the first addendum to the
Convertible Loan Facility involved an increase in the principal
amount from GBP300,000 to GBP400,000; the second addendum announced
on 31 December 2018 involved an extension of the term of the CLN to
28 February 2019; the third addendum announced on 28 February 2019
extend its term to 31 March 2019; and the fourth addendum announced
on 1 April 2019 involved an extension of its term to 30 April 2019
and an increase in the principal amount of US$150,000.
Strategic Update regarding Capricorn Sapphire
On 28 September 2018, the Company announced that it was engaged
in discussions with potential strategic investors to procure
sufficient funding to enable the recommencement of production at
the Capricorn sapphire mine or, alternatively, was seeking to
conclude ongoing negotiations with different parties in relation to
the potential sale of all or a part of Capricorn Sapphire. Further
to the Company's announcement of 31 December 2018 and 2 April 2019,
the Board is now focussed on pursuing the sale of all or part of
Capricorn Sapphire and remains in discussions, with one party in
particular, with regard to the potential sale of the entire
Capricorn Sapphire project. There can, however, be no guarantee
that the Company will be able to either secure the requisite
funding to be able to re-commence operations or conclude
discussions with regard to the potential disposal of Capricorn
Sapphire.
A further announcement(s) will be made, as appropriate, in due
course.
For further information, please contact:
Anthony Brooke Edward Nealon Mike Allardice
Chief Executive Officer Chairman Group Company secretary
+66 81 854 1755 +61 409 969 955 +852 91 864 854
Nominated Adviser Broker
Strand Hanson Limited Shore Capital Stockbrokers
James Harris Ltd
Matthew Chandler Jerry Keen (corporate
James Dance broking)
+44 (0) 20 7409 3494 Toby Gibbs / Mark Percy
(corporate finance)
+44 (0) 20 7408 4090
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
Note to Editors:
Further information is available on the Company's website:
www.richlandresourcesltd.com. Neither the contents of the Company's
website nor the contents of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into, or forms part of, this announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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