Stellar Enters into Shareholder Loan Facility
June 13, 16
(IDEX Online News) – London-listed Stellar Diamonds plc announced it has entered into an unsecured loan facility agreement with existing shareholders Altus Strategies Ltd. and Deutsche Balaton AG.
Altus and Deutsche Balaton will supply an aggregate loan of £465,000 ($657,000), of which £325,000 ($460,000) will be provided by Altus, with the remainder £140,000 ($197,000) provided by Deutsche Balaton. The proceeds from the loan will be used for working capital purposes as Stellar advances its mining license application for its Tongo kimberlite project in Sierra Leone and continues to develop its Baoulé kimberlite project in Guinea.
The Loan is repayable six months following the date of the Agreement, or as otherwise agreed from time to time and bears interest at a rate of 20% per annum, payable in arrears.
Stellar Diamonds plc is a diamond development company focused on West Africa.