25 Jul 2022 07:00
AltynGold Plc("AltynGold" or the "Company")
Funding update
AltynGold plc (the Company) is pleased to announce that its application for an additional credit line for an amount of US$40m from Kazakh Bank JSC “Bank Center Credit” (BCC) has been approved by the bank’s credit committee.
The loan is repayable in instalments over a term of six and a half years and bears interest at 6%.
The loan will be used to expand the capacity of the processing plant to 1mtpa in anticipation of the expected increase in mining production at Sekisovskoye.
The signing of the loan agreement will be carried out after passing the necessary internal procedures of the Bank. The Company will update shareholders as plans progress.
Altyn’s CEO Aidar Assaubayev commented:
“The goal was to obtain the necessary financing at competitive terms and in the best interest of shareholders. After exploring a number of opportunities and an extensive due diligence period we are very pleased to update our shareholders on the funding approval. The proceeds will accelerate our growth strategy by expanding production and processing capacity towards our midterm target of 1mtpa. Timely execution of this ambitious plan should set the stage for a sustainable dividend policy.”
Further Information:
For further information please contact:
AltynGold Plcinfo@altyn.uk
Rajinder Basra+44 (0) 203 432 3198
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
Information on the CompanyAltynGold Plc (LSE:ALTN) is an exploration and development company, which is listed on the main segment of the London Stock Exchange.
To read more about AltynGold Plc please visit our website www.altyngold.uk
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Altyngold (ALTN)