EMED Mining Public Ltd said it entered into a convertible secured loan agreement for up to US$8.5 million with existing shareholders Resource Capital Fund IV L.P. and RMB Australia Holdings Ltd to provide working capital for the Detva gold project in Slovakia and the Rio Tinto mine in Spain.
RCF is to provide a total loan amount of US$6.5 million under the Facility and RMB is to provide US$2 million.
The company also said it also has agreements in principle for amending existing loan arrangements with YA Global Investments LP and certain agreements with Marc Rich + Co. Investment AG and related companies.
Each of these arrangements may require EMED to issue shares and it is calling a March 23 EGM to approve any such issues.
EMED Mining gets US8.5 mln loan facility from shareholders RCF and RMB
Last updated: 20:14 05 Mar 2009 AEDT, First published: 21:14 05 Mar 2009 AEDT