Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSHG.L Regulatory News (SHG)

  • There is currently no data for SHG

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Working Capital Facility Secured

5 Oct 2012 13:15

RNS Number : 0597O
Shanta Gold Limited
05 October 2012
 



5 October 2012

 

Shanta Gold Limited

 

("Shanta Gold" or the "Company")

 

Working Capital Facility Secured

 

Shanta Gold, the East African focused gold mining company, is pleased to announce it has agreed a US$4 million unsecured, short term loan facility with ETC Farming (Mauritius) Limited ("ETC"). ETC is a company in which Ketan Patel, a Director of Shanta Gold, has a beneficial interest.

 

The loan facility was made available on 4 October 2012 and is repayable within three months of draw down. The loan bears interest at a rate of 8 per cent. per annum and ETC is also entitled to an option over new ordinary shares of Shanta Gold equal to 3 per cent. of the value of the drawn down loan amount. These options are to be exercisable at the volume weighted average price of ordinary shares of the Company for the ten days preceding the loan draw down. The share options are exercisable from the date of grant for a period of 36 months. In the event of a default on the loan, ETC will be entitled to have any capital repayment or interest due repaid from an issue of new ordinary shares of the Company to it, based on the closing middle market price of the Company's ordinary shares on the date repayment of the loan is due.

 

The provision of the loan facility from ETC is a related party transaction under the AIM Rules. Having consulted with the Company's nominated adviser, Liberum Capital Limited, the Directors, excluding Mr Ketan Patel and his alternate Director, Mr Maheshkumar Patel, consider that the terms of the loan from ETC are fair and reasonable insofar as Shareholders are concerned. In giving advice to the Directors, Liberum has taken into account the Directors' commercial assessments of the loan terms available from third parties and alternative sources of debt financing.

 

Shanta Gold remains in discussions with additional providers of working capital financing facilities to meet its short term working capital requirements during the ramp up phase of the New Luika Gold Mine.

 

 

Enquiries:

 

Shanta Gold Limited

Tel: +255 (0) 22 2601 829

Walton Imrie / Mike Houston

Nominated Adviser and Broker

Liberum Capital Limited

Tel: + 44 (0)20 3100 2000

Michael Rawlinson / Simon Atkinson / Christopher Kololian

Financial Public Relations

FTI Consulting

Tel: +44 (0)20 7269 7100

Billy Clegg / Oliver Winters

 

About Shanta Gold Limited

 

Shanta Gold is an East African focused gold mining company. It currently has defined ore resources on the New Luika and Singida projects in Tanzania and holds exploration licences over a number of additional properties. The Company's flagship New Luika Gold Mine commenced production and achieved first gold pour in August 2012. The Company is admitted to trading on AIM and has approximately 319 million shares in issue.

 

For further information visit the Company's website: www.shantagold.com.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCUVRURURARRAA
Date   Source Headline
31st Oct 202212:49 pmRNSForm 8.3 - Shanta Gold
31st Oct 20228:37 amRNSForm 8.5 (EPT/RI)
28th Oct 20223:12 pmRNSForm 8.3 - Shanta Gold Limited
28th Oct 20229:02 amRNSForm 8.5 (EPT/RI)
27th Oct 20226:49 pmRNSForm 8 (OPD) Shanta Gold Limited
27th Oct 20228:53 amRNSForm 8.5 (EPT/RI)
26th Oct 20221:59 pmRNSForm 8.3 - Shanta Gold Limited
26th Oct 20221:58 pmRNSForm 8.3 - Shanta Gold Limited
26th Oct 20221:56 pmRNSForm 8.3 - [Shanta Gold Limited]
26th Oct 20221:56 pmRNSForm 8.3 - [Shanta Gold Limited]
26th Oct 20228:45 amRNSForm 8.5 (EPT/RI)
26th Oct 20227:00 amRNSQ3 2022 Production and Operational Update
25th Oct 20226:21 pmRNSForm 8.3 - Shanta Gold Limited
25th Oct 20223:55 pmRNSNotice of Results
25th Oct 20229:12 amRNSForm 8.5 (EPT/RI)
24th Oct 202211:31 amRNSForm 8.5 (EPT/RI)
21st Oct 20221:59 pmRNSForm 8.3 - Chaarat Gold Holdings Ltd
21st Oct 202211:35 amRNSForm 8.5 (EPT/RI)
21st Oct 202211:34 amRNSForm 8.5 (EPT/RI)
21st Oct 202211:33 amRNSForm 8.5 (EPT/RI)
21st Oct 202210:41 amBUSForm 8.3 - Shanta Gold Ltd - AMENDMENT
20th Oct 20221:05 pmRNSForm 8.3 - Shanta Gold Limited
20th Oct 20228:59 amRNSForm 8.5 (EPT/RI)
20th Oct 20228:42 amRNSForm 8.5 (EPT/RI)
19th Oct 20223:19 pmRNSForm 8.3 - Shanta Gold
19th Oct 202212:58 pmGNWForm 8.3 - [SHANTA GOLD - 18 10 2022 - Opening Declaration] - HHL
19th Oct 202212:39 pmRNSForm 8.3 - Shanta Gold Limited
19th Oct 202211:12 amRNSForm 8.5 (EPT/RI)
19th Oct 20229:13 amRNSForm 8.5 (EPT/RI)
19th Oct 20227:00 amRNSStatement regarding possible offers
19th Oct 20227:00 amRNSForm 8.3 - Shanta Gold Limited
18th Oct 20224:40 pmRNSSecond Price Monitoring Extn
18th Oct 20224:35 pmRNSPrice Monitoring Extension
18th Oct 20224:11 pmRNSStatement regarding possible offers - Update
18th Oct 20222:05 pmRNSSecond Price Monitoring Extn
18th Oct 20222:00 pmRNSPrice Monitoring Extension
18th Oct 202212:38 pmRNSStatement re Possible Offer
18th Oct 202211:40 amRNSStatement Regarding Possible Offer
18th Oct 202211:26 amRNSProject Clarity Announcement
5th Sep 20227:00 amRNSInterim Results - 30 June 2022
31st Aug 20227:00 amRNSSingida Construction Update
3rd Aug 20227:00 amRNSHigh-Grade Drilling Results - West Kenya Project
29th Jul 20227:02 amRNSTR-1 Notification of Major Holdings
21st Jul 20227:00 amRNSQ2 2022 Production and Operational Update
17th Jun 20222:00 pmRNSResult of AGM - RNS Correction
17th Jun 20227:00 amRNSBlock listing Interim Review
16th Jun 20227:01 amRNSAward of Mining Licence at Porcupine South
16th Jun 20227:00 amRNSResult of AGM
13th Jun 20227:00 amRNSNew Loan Facility and Trading Update
7th Jun 20227:00 amRNSDividend Timetable Confirmation

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.