Scio Diamond restructures its debt with HGI

Scio Diamond Technology Corporation has announced restricting of its debt with Heritage Gemstone Investors (HGI). The new agreement includes the benefits of an extended maturity date, relief on interest payments and access to additional funding.

"We've made significant progress with our white diamonds recently, and I am excited by the rapid growth we are seeing in the market. 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," said Gerald McGuire, CEO of Scio Diamond.

"Our customer base has recognized these improvements and are creating stunning gemstones from our rough," added McGuire. "Scio Diamondexpects to ramp up its production of white diamonds over the summer months."

Under the terms of the agreement, Scio Diamond Technology Corporation's (Scio Diamond) 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 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.