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| Home : Forbes Coal Closes First Tranche of US$25 Million Loan Facility |
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Feb 05
2014 |
Forbes Coal Closes First Tranche of US$25 Million Loan Facility |
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TORONTO, ONTARIO--(Marketwired - Feb. 5, 2014) - Forbes & Manhattan Coal Corp. ("Forbes Coal" or the "Company") (TSX:FMC)(JSE:FMC) has closed on the first tranche of the previously announced secured convertible loan facility from Resource Capital Fund V L.P ("RCF") in the aggregate principal amount of up to US$25 million (the "Facility"). The first tranche consists of a bridge loan (the "Bridge Loan") in the amount of US$4 million. The remainder of the Facility consists of a convertible loan in the principal amount of up to US$15 million (the "Convertible Loan"), and a refinancing of the existing US$6 million convertible loan facility completed between the Company and RCF on September 6, 2013 (the "Refinancing"). The Bridge Loan is to be used for general working capital in relation to Forbes Coal's operations in Dundee, South Africa as well as to facilitate the closing of the Company's Toronto office. |
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| Source:http://www.marketwired.com/mw/release.do?id=1875995&sourceType=3 |
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