Amur Minerals Corp. said March 22 that it extended the maturity of a convertible loan facility arranged by RiverFort Global Capital Ltd. in February 2018 to March 20, 2020.

London-listed Amur has drawn US$1.2 million of the US$10 million loan and will undertake a further US$500,000 advance immediately.

The company will use the funds for the ongoing development of its Kun-Manie nickel-copper project in Russia's Far East, including updating the resource statement and related pre-feasibility study.

Amur will issue lenders Riverfort Global Opportunities PCC Ltd. and YA II PN Ltd. with 10,902,956 three-year warrants with an exercise price of 3.76 pence per share, about a 32.4% premium to the stock's March 22 closing price of 2.84 pence.