Stellar Diamonds to use bridge loan to restart at Baoulé
(MENAFN- ProactiveInvestors)Stellar Diamonds (LON:STEL) has arranged a US$150000 bridging loan to tide it over while it finalises a share and convertible loan issue. Deutsche Balaton which is putting up the fund is also providing the bridge finance that will be repaid when the £1.26mln financing completes. Interest on the bridge loan will be 8% per annum and Stellar's chairman Lord Daresbury has issued a personal guarantee for its repayment. The money will help Stellar restart trial mining at Baoulé in Sierra Leone and to submit a mining licence application at Tongo without having to and not have to wait for approval at a general meeting. The aim at Baoulé remains to process 100000 tonnes of kimberlite to justify the next stages of project development. Shares were 3% lower at 0.313p.
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