[miningmx.com] – FORBES & Manhattan Coal said it had closed on the first tranche of a $25m refinancing, and unveiled a number of board changes following the resignation of CEO and president, Stephan Theron.
The first tranche consists of a $4m bridge loan with the remainder consisting of a convertible loan totalling up to $15m and refinancing of the company’s existing $6m convertible loan facility.
Bob Francis, a retired senior partner at the Toronto office of Deloitte & Touche has joined Forbes Coal’s board. Sarah Williams has been appointed CFO with Malcolm Campbell set to become CEO once the refinancing has been completed.
