17 May 2017 07:00
BMR Group PLC ("BMR" or the "Company")
ACI drawdown update
Further to its announcement on 3 May 2017, BMR announces that it met yesterday with African Compass International Limited ("ACI") regarding the drawdown under the ACI project construction and trade finance facility which had been expected in early May.
ACI yesterday assured BMR that it would receive the first transfer of $900,000 imminently and by no later than 26 May 2017. Whilst the Directors have no reason to believe that the Company will not receive the funds by that date, they cannot be certain that this deadline will be met. Accordingly, as the Company needs funds in the immediate future, the Board has been looking for alternative sources of finance and is in receipt of two alternative conditional proposals to meet its requirements for the rest of the calendar year.
BMR will provide a further update to its shareholders by no later than 26 May 2017.
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
Ends
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