Last checked at 30 Oct 2017 07:10
30 October 2017
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$20 million (“CCBC Loan”). The CCBC Loan facility is for a maximum of one year and repayable 12 months from first drawdown. The terms of the CCBC Loan includes an annual interest rate at 1.3% plus 3 month LIBOR and is governed by the law of Macau. 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$20,618,556.70 , which expires in 12 months from the date of first drawdown. An SBLC fee of 1.15% is payable per annum.
The CCBC Loan is expected to be drawn down shortly and will be used for working capital and to fund the restoration of production at the Pakrut gold mine.
The Company continues to engage in discussions regarding a wider refinancing of the business. As noted in the Company’s interim results for the period ended 30 June 2017 the refinancing is required in the near-term to repay US$20,000,000 of its loan to CNMC International Capitals Company Limited due on 26 November 2017 as well as the short term financing announced on 29 September 2017 which is due shortly afterwards.
For further information please visit the Company’s website (www.cnfgold.com) or contact:
China Nonferrous Gold Limited
Yu Lixian, Managing Director
Tel: +86 10 8442 6681
Investec Bank Plc
Jeremy Ellis, George Price
Tel: +44 (0)20 7597 5970
Beaufort Securities Limited
Jon Belliss
Tel: +44 (0)20 7382 8300
Blytheweigh
Tim Blythe, Camilla Horsfall
Tel: +44 (0)20 7138 3224
LEI: 213800N6OF4LUDO7WD52
2.2. Inside information
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