Lab-Grown Diamond Maker Scio Gets Boost from Financial Deal
July 14, 17
(IDEX Online) – A new financial agreement signed by lab-grown diamond manufacturer, Scio Diamond Technology Corp, will give it the means to expand its manufacturing base, the firm said after restructuring its debt with Heritage Gemstone Investors (HGI).
The new agreement includes an extended maturity date, relief on interest payments and access to additional funding.
Scio Diamond's note maturity has been extended one year to December 2018 and the company will receive relief on interest payments and be given access to additional Heritage Gemstone Investors (HGI) funding. HGI's increased funding commitment of $250,000 will be matched dollar for dollar by investors including members of the Scio Diamond board of directors and management team.
"We've made significant progress with our white diamonds recently, and I am excited by the rapid growth we are seeing in the market said Gerald McGuire, CEO of Scio Diamond. "Our board and lender, HGI, recognize the incredible opportunity we have before us and I believe this announcement demonstrates their support of the company's efforts.
"Our customer base has recognized these improvements and are creating stunning gemstones from our rough. Scio Diamond expects to ramp up its production of white diamonds over the summer months," he added.