tanfield group plc said thursday that it has raised an extra 125000 pounds 167600 from existing shareholders under a previously agreed loan which will be used toward the continuing legal proceedings against its investment in snorkel international holdings llc the londonlisted investment companywhich is a 49 shareholder in snorkel following its joint venture with xtreme manufacturing llcsaid it has now received gbp625000 under the first loan which was agreed in march 2020 a second loan for up to gbp1 million was agreed in june the company said it may need a further loan to continue to protect its investment in snorkel an aerial work platform business the agreed loan carries an annual interest of 10 with 20 early redemption premium repayment and to be paid prior to feb 28 2025 the board believe that a positive outcome to either or both of the us proceedings and the uk proceedings is a reasonable expectation and the company will continue to vigorously defend and advance its position in both proceedings it said the company added that snorkel investment is valued at gbp191 million and both proceedings could have an impact on this valuation