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Diamondcorp gets standstill deal while refinance talks continue

The miner has placed the Lace diamond mine in business rescue while the talks continue.
picture of diamonds
Lace's main lender, IFC, has agreed to a temporary standstill

DiamondCorpPLC (LON:DCP) has re-negotiated repayment terms with several lenders while it seeks a more long term financing solution.

The miner has placed the Lace diamond mine in South Africa in business rescue while the talks continue. 

Lace’s main lender, the Industrial Development Corporation of South Africa, has agreed to a standstill until the completion of the business rescue process and it is trying to reach a similar agreement with South African and UK bondholders.

No decision will be reached before early January 2017.

Laurelton Diamonds, a lender to DiamondCorp itself, has agreed to roll up its interest until November and defer capital repayments until March 2018. 

Rasmala, meanwhile, has agreed to extend the £410,000 outstanding on its convertible facility until 30 March.

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Diamondcorp Plc Timeline

Newswire
February 28 2017
Newswire
January 31 2017
Newswire
November 16 2016

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