Amur will immediately take $4 million from the loan to pay for mine planning work, resource definition and G&A for its Russian nickel-copper project.
The cash will have to be fully paid back a year after drawing, or Amur can hand over more shares to Riverfort fund Cuart Investments Cayman Islands-registered YA II PN Ltd.
The investors will also be handed three-year warrants worth 30% of the loaned amount as well as cash or share repayment.
The first lot will therefore be 9,290,323 warrants with an exercise price of £0.093 (US$0.013) per share.
Investors reacted badly to the news.
Amur's shares dropped 15% to £0.055/share after the loan deal was announced.
Amur CEO Robin Young said the new money would allow the company to keep work going at Kun-Manie.
"We can continue our field work and engineering efforts in anticipation of the potential and significant disruption in the future nickel market," he said.
"In addition, we shall continue our work with Medea Financial Partners in the identification of long-term project financing alternatives available from various financial institutions and potential strategic partners."