IN BRIEF: Petra extends deadline for refinancing commitment letter

Petra Diamonds Ltd - South Africa and Tanzania-focused diamond miner - Updates on the August 8 announcement of proposed refinancing terms with certain key stakeholders. Terms include a USD25 million rights issue at 16.5p per share, extending the maturity date of its senior secured bank debt to December 2029 and extending its senior secured second lien notes to March 2030.

On Wednesday, agrees to extend the deadline to September 24 to enter into a commitment letter with the senior secured bank lender, in accordance with the terms of the lock-up agreement. Says it remains confident of entering into a commitment letter and does not expect the extension to affect either the timeline for the publication of a prospectus and shareholder circular in respect of the rights issue or the completion of the refinancing, which are both still expected to occur in the fourth quarter.

Current share price: 18.30 pence, closed down 8.0% on Thursday

12-month change: down 27%

By Aidan Lane, Alliance News reporter

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