[miningmx.com] – JOHANNESBURG- and Toronto-listed coal producer and development firm, Forbes Manhattan Coal (Forbes Coal), said it had agreed with shareholder Resource Capital Fund (RCF) to extend a $25m convertible loan facility by two years to June 2019.
It was also in discussions with Investec Bank to refinance the terms of a loan totalling R170m and which will involve the issue of warrants to the bank that effectively convert into company stock at an agreed price.
Forbes Coal, which is to be re-branded, ran into financial difficulties last year. It operates two mines in Kwa-Zulu-Natal producing anthracite and bituminous coal. Its new CEO will be Malcolm Campbell who was previously the executive responsible for operations at the company.
