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Pin to quick picksShanta Gold Regulatory News (SHG)

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Passing of Written Resolutions

27 Jun 2018 07:00

RNS Number : 7177S
Shanta Gold Limited
27 June 2018
 

27 June 2018

Shanta Gold Limited

("Shanta" or the "Company")

Passing of Written Resolutions

Shanta Gold Limited (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is pleased to announce that further to the announcement made on 14 June 2018 regarding the posting of the written resolutions to the loan note holders of the unsecured subordinated convertible loan notes due April 2019 ("Notes"), the written resolutions have been duly passed as Extraordinary Resolutions on 26 June 2018 receiving over 75 per cent. of votes in favour from the convertible loan note holders.

Following the passing of the written resolutions a subsidiary of the Company will proceed to buyback approximately 33.33% of the Notes currently held by third parties (US$5 million of the Notes) in April 2019 at par value, in accordance with the scheme set out in the written resolutions, and to extend the term of the remaining Notes to April 2020 ("Arrangements").

The Company is in a period of rapid deleveraging, and is on course to repay US$30 million of gross debt to its lenders over the next 18 months, including this US$5 million buy back of Loan Notes. The Board therefore consider it prudent to take this opportunity to reduce the cash call in April 2019 and extend the maturity of the Notes to April 2020.

The Arrangements will provide the Company with increased flexibility to develop Ilunga, conduct exploration at NLGM and to identify targets close to the mine. The Board considers the Arrangements a positive outcome, resulting in reduced overall indebtedness of the Company, with no associated fees.

Enquiries:

Shanta Gold Limited

Eric Zurrin (CEO)

+ 255 (0) 22 292 5148

Luke Leslie (CFO)

Nominated Adviser and Broker

Numis Securities Limited

Paul Gillam / John Prior / James Black

+ 44 (0) 20 7260 0000

Financial Public Relations

Tavistock

Charles Vivian / Barnaby Hayward

+ 44 (0) 20 7920 3150

 

About Shanta Gold Limited

Shanta Gold is an East Africa-focused gold producer. It currently has defined ore resources on the New Luika and Singida projects in Tanzania and holds exploration licenses covering approximately 1,500km2 in the country. Shanta's flagship asset New Luika Gold Mine commenced production in 2012 and produced 79,585 ounces in 2017. The Company has been admitted to trading on London's AIM and has approximately 778 m shares in issue. For further information please visit: www.shantagold.com.

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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Date   Source Headline
28th Mar 20249:34 amRNSForm 8.5 (EPT/NON-RI)
27th Mar 202410:38 amRNSForm 8.5 (EPT/NON-RI)
26th Mar 202412:57 pmRNSForm 8.3 - Shanta Gold Ltd
26th Mar 202410:23 amRNSHoldings in Company - Late Notification
26th Mar 20249:34 amRNSForm 8.5 (EPT/NON-RI)
25th Mar 202411:08 amRNSForm 8.5 (EPT/NON-RI)
22nd Mar 20249:58 amRNSForm 8.5 (EPT/NON-RI)
21st Mar 20241:30 pmRNSForm 8.3 - Shanta Gold Ltd
21st Mar 202410:30 amRNSForm 8.3 - Shanta Gold Ltd
21st Mar 202410:14 amRNSForm 8.5 (EPT/NON-RI)
21st Mar 20247:00 amRNSPermitted Dividend
20th Mar 20244:12 pmRNSTR - 1 Notification of Major Holdings
20th Mar 20244:07 pmRNSTR - 1 Notification of Major Holdings
20th Mar 20243:29 pmRNSForm 8.3 - Shanta Gold Limited
20th Mar 202412:01 pmRNSForm 8.3 - Replacement for 6048H Shanta Gold Ltd
20th Mar 202412:01 pmPRNForm 8.3 - Shanta Gold Ltd
20th Mar 202410:08 amRNSForm 8.3 - Shanta Gold Ltd
20th Mar 20249:45 amRNSForm 8.5 (EPT/NON-RI) - Shanta Gold Limited
19th Mar 202410:15 amRNSForm 8.5 (EPT/NON-RI) - Shanta Gold Limited
19th Mar 20247:00 amRNSRECOMMENDED INCREASED AND FINAL OFFER
18th Mar 202410:26 amRNSForm 8.5 (EPT/NON-RI)
15th Mar 20242:33 pmPRNForm 8.3 - Shanta Gold Ltd
15th Mar 202410:07 amRNSForm 8.5 (EPT/NON-RI) - Shanta Gold Limited
14th Mar 20243:48 pmRNSForm 8.3 - Shanta Gold Ltd
14th Mar 20242:16 pmPRNForm 8.3 - Shanta Gold Ltd
14th Mar 20249:35 amRNSForm 8.5 (EPT/NON-RI)
13th Mar 20241:56 pmPRNForm 8.3 - Shanta Gold Ltd
13th Mar 202410:06 amRNSForm 8.5 (EPT/NON-RI)
12th Mar 20242:02 pmPRNForm 8.3 - Shanta Gold Ltd
12th Mar 20249:42 amRNSForm 8.5 (EPT/NON-RI)
11th Mar 20245:31 pmRNSForm 8.3 - Shanta Gold Ltd
11th Mar 20241:04 pmPRNForm 8.3 - Shanta Gold Ltd
11th Mar 202411:25 amRNSForm 8.3 - Shanta Gold Ltd
11th Mar 202411:08 amRNSForm 8.5 (EPT/NON-RI)
8th Mar 20242:21 pmPRNForm 8.3 - Shanta Gold Ltd
8th Mar 202410:41 amRNSForm 8.5 (EPT/NON-RI)
7th Mar 20241:35 pmPRNForm 8.3 - Shanta Gold Limited
7th Mar 202411:12 amRNSForm 8.5 (EPT/NON-RI)
6th Mar 202410:31 amRNSForm 8.5 (EPT/NON-RI) - Shanta Gold Limited
6th Mar 202410:21 amRNSForm 8.3 - Shanta Gold Ltd
5th Mar 20249:54 amRNSForm 8.5 (EPT/NON-RI)
4th Mar 20242:13 pmRNSForm 8.3 - Shanta Gold Ltd
4th Mar 20242:00 pmPRNForm 8.3 - Shanta Gold Ltd
4th Mar 202410:10 amRNSForm 8.5 (EPT/NON-RI)
1st Mar 20242:46 pmPRNForm 8.3 - Shanta Gold Ltd
1st Mar 20249:32 amRNSForm 8.5 (EPT/NON-RI)
29th Feb 20243:29 pmRNSForm 8.3 - Shanta Gold Limited
29th Feb 20243:20 pmRNSConfirmation of Adjournment of Court Meeting
29th Feb 20249:56 amRNSForm 8.5 (EPT/NON-RI)
29th Feb 20247:00 amRNSAdjournment of Court Meeting and General Meeting

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