8 Jun 2017 07:00
BMR Group PLC ("BMR" or the "Company")
ACI drawdown further update
Further to its announcement on 26 May 2017, BMR announces that it is disappointed not yet to have received the first drawdown of $900,000, under its project construction and trade finance facility ("facility agreement") with African Compass International Limited ("ACI").
The Directors recognise the importance of securing funding in the near future for completion of the construction of the Kabwe plant by the end of the calendar year. Accordingly, BMR is in advanced discussions with alternative funding providers.
In the event that ACI does not meet its obligations under the facility agreement, the offtake agreement, as announced on 8 August 2016, nevertheless remains in place at BMR's discretion.
A further announcement will be made in due course.
For further information:
BMR Group PLC 020 7734 7282
Alex Borrelli, CEO and Chairman
WH Ireland Limited 020 7220 1666
NOMAD and Joint Broker
Chris Fielding, Head of Corporate Finance
Peterhouse Corporate Finance 020 7469 0930
Joint Broker
Lucy Williams/ Duncan Vasey/ Heena Karani