9 Mar 2016 07:00
9 March 2016
Wolf Receives Waivers on Senior Debt Facilities
Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) ("Wolf" or "the Company") is pleased to announce that it has received a waiver and consent letter (the "Letter") regarding the Company's senior debt finance facilities.
The Letter provides certain waivers of, and amendments to, the senior secured loan conditions for any non-compliance and to grant relief up to 31 March 2017 from financial and other covenants. The waivers, amendments and relief are effective immediately.
The Company announced on 29 January 2016 that it had executed a binding term sheet with Resource Capital Fund VI L.P. ("RCF VI") to provide a standby equity facility of up to £25 million (approximately A$51 million) (the "Facility") to strengthen the Company's balance sheet during the ramp-up of the processing plant at the Drakelands open pit mine. The Company has executed a standby subscription facility agreement for the Facility, which is subject to shareholder and FIRB approval.
The Facility is required to be approved for the Letter to remain effective. The relevant documentation and meeting information will be circulated as soon as practicable.
Wolf's Managing Director, Russell Clark, said:
"The Company welcomes the continued support from its lenders, UniCredit Bank AG, London Branch, ING Bank N.V. and Caterpillar Financial SARL. The combination of the waivers and relief from the Letter and the funding support from RCF VI enables the Company to focus on the success of Drakelands. The Company will now seek the required regulatory and shareholder approvals to confirm this support."
ENDS
Wolf Minerals Limited: Russell Clark | +61 8 6364 3776 |
Numis Securities: John Prior/James Black/Paul Gillam | +44(0)20 7260 1000 |
Newgate: Adam Lloyd / Ed Treadwell / Helena Bogle | +44 (0) 20 7653 9850 |
About Wolf Minerals
Wolf Minerals is a dual listed ("ASX: WLF", "AIM: WLFE") specialty metals company. With global demand for tungsten rising and future global production expected to be constrained, Wolf Minerals has recently completed the development of a large tungsten resource at its Drakelands Mine, located at Hemerdon, in southwest England.