LONDON (Alliance News) - Sapphire and gemstones producer Richland Resources Ltd said on Monday it has secured a further extension on its GBP400,000 convertible loan facility to the end of April.
In addition, the amount available for drawdown under the facility has been increased by USD150,000. The addition USD150,000 has no conversion rights, meaning it cannot be converted into Richland shares.
In addition, Richland said it continues to remain in discussions with one party regarding the sale of the Capricorn Sapphire mine in Queensland, Australia.
However, the company said there would be no guarantee it would be able to secure the funding needed to restart operations or conclude discussions for the project's sale.
Shares in Richland were 12% lower at 0.092 pence on Monday.
