Published: November 30, 2011
Diamond company gains approval for debt-to-equity deal with shareholder Jarvirne.
Namakwa Diamonds, a London-listed resources company with operations in Africa, has received shareholder approval for a refinancing that will see a US$16.03mn trading debt owed to its financier and shareholder Jarvirne converted into equity.
The refinancing also means that the company retains a US$40mn two-year term loan of which US$23mn has already been drawn. The funding is being used to take its Kao Project site into commercial production.
Liberum Capital acted as sponsor, financial adviser and broker on the deal.