- BBX Minerals (BBX) extends its 2019 convertible loan facility until December 2023
- The facility was entered on December 19, 2019, with Drake Special Solutions, amended in April last year and then approved by shareholders in July 2020
- The company says the six million facility may be used for general working capital as well as enabling the continued development of BBX’s other projects
- With the extension, the loan is now due to by December 16, 2023
- On market close, BBX Minerals share price is down 2.94 per cent and trading at 16.5 cents
BBX Minerals (BBX) have announced it has received an extension to its 2019 convertible loan facility, now ending in 2023.
The facility was entered into on December 19, 2019, with Drake Special Solutions. It was then amended in April last year and approved by shareholders in July 2020.
The company says the six million facility may be used for general working capital as well as allowing the continued development of BBX’s analytical method and construction of a metallurgical pilot plant.
Besides the extension, the terms of the facility remain identical.
BBX Minerals CEO, André Douchane, said the company is grateful for the ongoing support.
“Drake’s decision to extend the loan continues to show their support for the company. We are extremely pleased to have our major shareholder’s ongoing financial support,” he said.
“Their decision to extend the loan highlights BBX’s significant progress and long-term strategy.”
The extension is due to end on 16 December 2023.
On market close for the day, BBX Minerals is down 2.94 per cent and trading at 16.5 cents per share.