Newfield sign a non-binding term sheet with Africa Finance for debt funding to advance production

(via NewsDirect)

Newfield Resources Ltd CEO, Karl Smithson, sat down with Proactive's Tom Warner to discuss the company's pending funding transaction with the African Finance Corporation (AFC) worth $65 million. The funding package consists of a $50 million debt facility and $15 million in equity. Smithson believes that this funding will support the company's diamond project, enabling them to achieve commercial production in the next two to three years, with an initial target production of 200,000 carats per year. The funds will also be used to construct a larger processing plant to accommodate growing capacity.

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