28 Jan 2015 13:31
28 January 2015
Bellzone Mining plc
("Bellzone" or the "Company")
Financing Update
Bellzone (AIM: BZM) announces that, further to the announcements on 28 November 2014 and 3 December 2014, it is currently finalising the agreement with China Sonangol International (S) Pte Ltd ("China Sonangol") regarding the secured debt or convertible loan facility of US$30 million ("Facility") which China Sonangol has stated it will provide to the Company.
Bellzone also announces that China Sonangol has agreed to amend the terms of the short-term finance facility of US$4 million, previously announced on 18 August 2014. The amendment extends the availability period and the repayment date to 31 March 2015. With US$500,000 remaining available to draw down, this extension is to provide the Company with the requisite short term funding until the Facility agreement is signed.
Under the AIM Rules, as a result of its 51.0 per cent. holding in the voting rights of the Company, China Sonangol is a related party of Bellzone. The Independent Directors of Bellzone, being Michael Farrow, Simon Brickles, Antony Gardner-Hillman and James Leahy consider, having consulted with Bellzone's Nominated Adviser, WH Ireland Limited, that the terms of the extension to the short-term finance facility are fair and reasonable insofar as the shareholders of Bellzone are concerned.
Enquiries:
Bellzone Mining plc |
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Simon Edwards | +44 (0) 1534 513 500 |
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WH Ireland Limited |
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Nominated Advisor |
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James Joyce / James Bavister | +44 (0) 20 7597 5970 |
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HD Capital Partners LLP |
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Broker |
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Paul Dudley / Philip Haydn-Slater | +44 (0) 20 3551 4870 |
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Bell Pottinger |
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Financial Public and Investor Relations |
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Daniel Thole | +44 (0) 20 3772 2500 |