Elliott loan2 Jan 2014 07:06
Avocet Mining PLC (‘Avocet’ or the ‘Company’) announces that the loan amount of approximately US$15.8 million (including accrued interest) owed to an affiliate of the Company’s largest shareholder, Elliott Associates, has not been repaid by the maturity date of 31 December 2013.
The Company, which announced that it had initiated a business review on 20 December 2013, has today paid the accrued interest of approximately US$0.8 million and, in the context of the business review, remains in discussions with the Elliott lender about repayment of the US$15 million principal amount.