Thank goodness management has a line of credit established and available in this terrible credit atmosphere. Hope they can start a revenue stream to repay the debt before they run out of remaining available loan.
"(“Fura” or the “Company”) (TSXV: FURA, OTC: FUGMF and FRA: BJ43) announces today that it has drawn down an additional US$3.5 million from its loan facility previously announced on March 10, 2020 (the “SecondAdvance”). An additional US$4.1 million remains available for drawdown by the Company at a later date, subject to the terms of the grid promissory note (the “Note”) issued to the lender (the “Lender”) in the maximum aggregate principal amount of US$28.6 million. The funds advanced under the Note are initially unsecured, will bear interest at a rate of ten percent per annum and have a maturity date of August 31, 2021. The principal amount of the loan as well as accrued interest will be payable on the maturity date. Please see the Company’s press release dated March 10, 2020 for more information about the Note and the terms thereof.
The proceeds of the Second Advance are expected to be used by Fura for (i) the advancement of its Coscuez emerald project in Colombia, its ruby projects in Mozambique and its sapphire projects in Australia, (ii) general corporate purposes, including paying down debts and (iii) payment towards acquiring SLR Mining, Limitada, a Mozambican mining company holding 100% of each of ruby mining concession 8955C and ruby exploration licence 7414L."
AI
