Last checked at 19 Mar 2019 14:37
19 March 2019
Altyn Plc
("Altyn" or the "Company")
Funding update
Since the last funding update the management have been working to obtain the necessary funds to provide the investment capital to increase production. After conducting detailed and lengthy due diligence and exploring a number of possibilities either, the timing, terms of the repayments or other factors resulted in the funds ultimately not being taken up.
The Company is pleased to announce that it has now reached an agreement with Kazakh bank, JSC “Bank CenterCredit” (BCC), and as a first step has entered into an unsecured loan agreement for a sum of KZT 350m (approximately USD 950,000) to Altyn’s subsidiary company “Altyn MM LLP” that owns and operates the processing plant at the Sekisovskoye gold deposit.
The Company is in advanced talks with BCC for the provision of a larger amount of funding. Shareholders will be updated as negotiations progress.
In the meantime, Altyn’s major shareholder, African Resources Limited, has committed to provide an additional 400m KZT (USD 1.1m) unsecured loan towards the acquisition of underground mining machinery. The Company is pleased with African Resources Limited’s continued support for the Company with the aim of boosting production further.
Further Information:
For further information please contact:
Altyn Plc
Rajinder Basra
+44 (0) 207 932 2456
VSA Capital Limited
Andrew Monk/Andrew Raca +44 (0) 20 3005 5000
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
Information on the Company
Altyn Plc (LSE:ALTN) is a gold-mining exploration and development company, which is listed on the main board, standard segment of the London Stock Exchange.
To read more about Altyn Plc please visit our website www.altyn.uk
View source version on businesswire.com: https://www.businesswire.com/news/home/20190319005601/en/
Copyright Business Wire 2019