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1 Jul 2016 09:53
1 July 2016
China Nonferrous Gold Limited 中国有色黄金有限公司
(“CNG” or the “Company”)
Financial Update
China Nonferrous Gold Limited 中国有色黄金有限公司 (AIM: CNG), the mineral exploration and mining company currently mining the Pakrut gold project in the Republic of Tajikistan, is pleased to provide the following financial update.
Banking Facility from China Construction Bank Corporation Macau Branch
The Company has signed an agreement with China Construction Bank Corporation Macau Branch for a loan facility of up to USD$100 million (“CCBC Loan”). The facility will be secured by a standby letter of credit (“SBLC”) from China Construction Bank Corporation Beijing Branch, for the aggregate amount of USD$103 million, which expires in 60 months from the date of first drawdown. An SBLC fee of 0.865% is payable per annum. The CCBC Loan is expected to be drawn down shortly and will be used to refinance the Company’s 2012 loan with CNMIM, under which approximately $81.2 million is currently drawn, and for working capital.
The CCBC Loan facility is for a maximum of five years and repayable 60 months from first drawdown. The terms of the CCBC Loan includes an annual interest rate at 2.1% plus 3 month LIBOR and is governed by the law of Macau.
For further information please visit the Company’s website (www.cnfgold.com) or contact:
China Nonferrous Gold LimitedDavid Tang, Managing DirectorTel: +86 10 8442 6681
Investec Bank PlcJeremy Ellis, George PriceTel: +44 (0)20 7597 5970
Beaufort Securities LimitedJon BellissTel: +44 (0)20 7382 8300
BlytheweighTim Blythe, Camilla HorsfallTel: +44 (0)20 7138 3224
View source version on businesswire.com: http://www.businesswire.com/news/home/20160701005218/en/
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