On July 15, 2008, TEAL Exploration & Mining Incorporated (TSX-"TL"; JSE-"TEL") announced that a consortium of two lenders, Standard Chartered Bank and Standard Finance (Isle of Man) Limited, part of the Standard Bank Group, had made available a loan facility to TEAL that totals US$85 million. This unsecured US$85 million facility replaces the previous US$50 million loan.
The facility is available from July 18, 2008 to August 31, 2009. The loan is guaranteed by African Rainbow Minerals Limited, TEAL's major shareholder.
The facility will be used to settle the existing US$50 million loan, and to continue funding exploration work, general corporate expenditure and working capital requirements.
TEAL and African Rainbow Minerals were advised in this transaction by Patrick Hirsch of Fasken Martineau.