9 Jan 2009 12:33
CLUFF GOLD PLC
("Cluff Gold" or the "Company")
All Conditions Precedent satisfied for US$10 million Standby Loan Facility
Cluff Gold, the West African focused gold miner, is pleased to confirm that subsequent to the announcements made on 25 September 2008 and 7 November 2008, all conditions precedent relating to the US$10 million Standby Loan Facility arranged with RMB Australia Holdings Limited ("RMB Australia") as financier and RMB Resources, a division of FirstRand (U.K.) Limited, as agent and arranger (the "Loan"), have now been satisfied and accordingly a further US$2,000,000 of the Loan has now been drawn down by the Company.
In addition, in accordance with the terms of the Loan an option over 200,000 ordinary shares of the Company has been granted to RMB Australia, as a consequence of the draw down. The options can be exercised at a price of 36.9 pence per share (representing the volume weighted average price for the Company's shares for the 20 trading day period prior to execution of the Loan agreement plus a 5% premium). This option can be exercised at any time for a period of 3 years from the date of grant.
The monies from the Loan will be used to fund the ongoing working capital requirements of the Company.
For further enquiries please contact:
| Cluff Gold plc J.G. Cluff , Chairman Tel: +44 (0) 20 7340 9790 | WH Ireland Limited David Youngman / Katy Mitchell Tel: +44 (0) 161 832 2174 |
| Farm Street Media Simon Robinson Tel: +44 (0) 7593340107 |