LONDON (Alliance News) - Scotgold Resources Ltd on Tuesday said it renegotiated the terms of its GBP5.0 million loan from Bridge Barn Ltd.
Bridge Barn is owned by Scotgold Chairman and substantial shareholder Nathaniel Le Roux.
Initially, at least GBP3.0 million of the loan had to be drawn down by September 30, with the full balance to be drawn within 30 days of that date.
However, due to delays with the mining company's Cononish old and silver project in central Scotland, the loan can now be drawn down in three tranches over a maximum of 12 months. These are repayable 2 years after they are drawn.
Scotgold will not incur any charges from the amendment of the loan.
Shares in Scotgold closed down 4.2% at 23.00 pence on Tuesday.