Explorer and mine developer Diamond Fields Resources, which has assets in Madagascar and Namibia, has signed a binding term sheet to raise C$1-million in working capital from nonexecutive chairperson Albert Gourley and major shareholder Spirit Resources.
Each lender will subscribe for C$100 000 worth of common shares at an issue price of C$0.20 a share and advance the company C$400 000 at an interest rate of 10% repayable by the end of this year.