Firestone Diamonds unit gets waiver from ABSA Bank after covenant breach

Writer, Stock Market Wire
Monday, July 1, 2019 - 13:20

Firestone Diamonds said its 75%-owned subsidiary Liqhobong Mining Development had a received a waiver on some of its bank covenants from lender ABSA Bank.

The waiver was secured with the support of the company's bond holders, Pacific Road Resources Fund II and Resource Capital Fund VI, and by the Export Credit Insurance Corporation of South Africa, which provided commercial and political risk insurance to ABSA.

The next measurement date for the covenants would be 30 June 2020.

At 1:20pm: (LON:FDI) Firestone Diamonds PLC share price was -0.03p at 1.33p

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