[miningmx.com] – FORBES & Manhattan Coal Corporation has finalised the remainder of its $25m convertible loan facility from shareholder, Resource Capital Fund, (RCF) a development that keeps the company liquid.
The Facility consists of the $4m bridge loan, a convertible loan totalling $15m which will be advanced in tranches, and a refinancing of the existing $6m convertible loan facility
with RCF on September 6, 2013, Forbes Coal said.
The company, which is to change its name to Buffalo Coal Corporation, said it would use the loan “necessary capital investment” and operational improvements.
