logo
Share SHARE
FONT-SIZE Plus   Neg

Diamondcorp Finalizes Tiffany Loan And Diamond Offtake Agreement

Diamondcorp PLC (DCP.L), Monday said it has finalized with Laurelton Diamonds, a wholly-owned subsidiary of Tiffany & Co. (TIF) the term loan of $6 million in exchange for an Offtake Agreement for diamond production from the Lace mine in the Free State province of South Africa. The terms of the agreement remain unaltered from those previously announced, added Diamondcorp.

The development paves way for the proceeds of the convertible bond issue to be released from escrow and completes the funding required for the 47 level block cave development at Lace.

The loan is expected to come at an interest rate of 9 percent annually and must be repaid in full by the 8th anniversary of the Second Funding Date, April 10 of this year.

The Offtake Agreement is expected to give Laurelton Diamonds the right to purchase production which meets the required quality and color standards from the Lace Mine, and is said to take effect from the first funding date, January 10 this year, until the end of the life of the mine, subject to conditions.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Trolling celebrities on Twitter has been a favorite pastime for many. But now, Twitter has announced new updates to deal with such trolls, just weeks after CEO Dick Costolo admitted that the micro-blogging site "sucks" when it comes to dealing with trolls. Twitter said it has improved the process... You will soon be able to eat your coffee cups rather that looking for bins to dispose them. Fast-Food chain KFC will be launching the unique edible coffee cups that you can munch after you have slurped your hot cup of beverage. The heat-resistant chocolate coated cookie biscuit cup called "Scoff-ee... Fiat Chrysler Automobiles NV (FCAU) is recalling nearly 26 thousand Chrysler 200s to fix a transmission issue that may prevent the vehicle from shifting into "park." Chrysler said that certain 2015-model year Chrysler 200 vehicles with V6 engines were affected. Chrysler blamed "inconsistent assembly...
comments powered by Disqus
Follow RTT