Bushveld Minerals Ltd. said June 6 that it agreed with Barak Fund SPC Ltd. to restructure the US$11 million bridge loan facility that it secured in late March to acquire Evraz Group SA's 78.8% stake in Strategic Minerals Corp. NL for US$16.5 million.
Strategic Minerals owns the Vametco vanadium mine and plant in South Africa.
Under the new terms, repayment of all outstanding principal, interest and fees have been extended to June 30.
A total US$10 million has been repaid. The outstanding US$1.0 million, plus fees and interest, will be payable by end of this month.