Last checked at 4 Apr 2018 17:45
4 April 2018
This announcement includes release of inside information
Weatherly International plc (AIM:WTI)
("Weatherly" or "the Company")
Kitumba Purchase Update and Long-Term Restructuring
Weatherly announces that, further to its announcements of 12 December 2017 and 2 February 2018, it has received a letter from Intrepid Mines Limited ("Intrepid") requesting an extension of the backstop date (being the next working day after 31 March 2018) which was included in the binding agreement for the acquisition of the Kitumba Project in Zambia (the "Backstop Date"). Following the passing of the Backstop Date, Intrepid have requested an extension to 30 April 2018. The Company confirms that it will seek to positively engage with Intrepid regarding such extension and will provide an update in due course.
Following the Company's confirmation on 3 April 2018 that it had rescheduled debt repayments due on 31 March 2018, Weatherly confirms that it continues to be involved in negotiations with Orion Mine Finance (Master) Fund I LP ("Orion") to agree a long-term restructuring of the Company's secured debt facilities with Orion.
For further information please contact:
Weatherly International Plc +44 (0)1707 800 774
Craig Thomas, CEO
Kevin Ellis, CFO & Company Secretary
Strand Hanson Limited +44 (0) 20 7409 3494
(Nominated Adviser & Broker)
Rory Murphy / James Dance / Jack Botros