29 Jan 2019 09:21
China Nonferrous Gold Limited 中国有色黄金有限公司
(“CNG” or the “Company”)
Financial Update
China Nonferrous Gold Limited 中国有色黄金有限公司 (AIM: CNG), the mineral exploration and mining company currently mining the Pakrut gold project in the Republic of Tajikistan, is pleased to provide the following financial update.
Loan Facility from China Construction Bank Corporation Macau Branch
The Company has signed an agreement with China Construction Bank Corporation Macau Branch for a loan facility of up to US$20 million (“CCBC Loan”). The CCBC Loan is for a maximum of two years and repayable 24 months from first drawdown. The terms of the CCBC Loan include an annual interest rate of 1.2% plus 3 month LIBOR and it is governed by the law of Macau. The facility will be secured by a standby letter of credit (“SBLC”) from China Construction Bank Corporation Beijing Branch for the aggregate amount of US$20,620,000, which expires 25 months from first drawdown. An SBLC fee of 0.85% per annum is payable.
The CCBC Loan is expected to be drawn down shortly and will be used for working capital in relation to the Pakrut gold mine operations.
In addition, the Company is in the final stages of agreeing a formal extension of its existing debt facilities from CNMC International Capitals Company Limited. These debt facilities, once finalised, will support the operational performance of CNG, which continues to be in line with management expectations. The finalisation and further details of the debt facilities, including terms, are expected to be announced in the near future.
For further information please visit the Company’s website (www.cnfgold.com) or contact:
China Nonferrous Gold Limited
Yu Lixian, Managing Director
Tel: +86 10 8442 6681
Investec Bank Plc
Jeremy Ellis, Alexander Ruffman Tel: +44 (0)20 7597 5970
Blytheweigh
Tim Blythe, Camilla Horsfall
Tel: +44 (0)20 7138 3224
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China Nonferr (CNG)