Richland Resources Ltd (LON:RLD) has extended its £400,000 secured convertible loan facility to 30 April 2019 and increased the amount available for drawdown by US$150,000.
On 28 September 2018, Richland announced that it was in discussions with potential strategic investors to procure sufficient funding to enable the recommencement of production at the Capricorn sapphire mine.
READ: Ric hland Resources seeks funds to re-boot Capricorn sapphire mine
As an alternative, the company stated it would also consider a sale of Capricorn. The company remains in advanced discussions with one party in particular, with regards to the potential sale of the entire project.
However, Richland says there can be no guarantee it will be able to either secure the requisite funding to be able to re-commence operations or conclude discussions with regard to the potential disposal of Capricorn.