[miningmx.com] — Gold producer Simmer & Jack Mines on Tuesday advised that it has settled R100m owing to Rand Merchant Bank (RMB) as part of the R220m bridge loan.
This loan was restructured following Simmers’ decision not to pursue a proposed
rights offer.
In terms of the loan, R100m inclusive of fees was payable to RMB by end July 2010.
Simmers said this amount has been paid in full and settled through a combination
of issuing a further R55m JSE-listed domestic medium term notes and through the sale of a portion of its First Uranium secured convertible Rand notes issued by Mine Waste Solutions to the value of R64.4m.
Simmers has a call option over these Rand notes for the next 60 days.
