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4 Dec 2014 07:00
4th December 2014
GREEN DRAGON GAS LTD
("Green Dragon" or the "Company")
Bond Redemption
Green Dragon Gas Ltd. (LSE: GDG) announces the redemption of the US$35,000,000 18 month bond ("the Bond"), with a maturity date of 3 December 2014. The Bond was redeemed for a total consideration of US$36,225,000, representing the principal amount and aggregate interest payable, and has been paid in full, using cash held on the balance sheet.
Mr. Randeep S. Grewal, Founder and Chairman of Green Dragon, commented:
"This scheduled bond redemption is part of a planned process which, together with the expected exercise of warrants and recent $88 million corporate bond, will result in an even stronger balance sheet at year end. We are pleased to be entering 2015 ready with cash on hand to commence our drilling programme, which we are confident will continue our shareholder value accretion demonstrated during this year."
For further information on the Company and its activities, please refer to the website at www.greendragongas.com or contact:
Stephen Hill, VP Corporate Finance Green Dragon Gas | +44 20 7556 0988 |
David Simonson / Anca Spiridon Instinctif Partners - Investor Relations | +44 20 7457 2020 |
Tom Reid / Luke Spells Citigroup - Corporate Broker | +44 20 7986 4000 |
Sarah Wharry / Richard Redmayne Cantor Fitzgerald Europe - Corporate Broker | +44 20 7894 8896 |
Richard Crichton / Andy Crossley Peel Hunt - Broker
| +44 20 7418 8900 |
About Green Dragon Gas
Green Dragon is an onshore China focused upstream (Exploration & Production) company, concentrating on its core asset value proposition over eight blocks, two of which are producing. The Company's blocks are located within six Production Sharing Contracts across four Provinces: Shanxi, Anhui, Jiangxi and Guizhou.
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