Anglo Asian Mining PLC Loan from the International Bank of Azerbaijan (6565P)

TIDMAAZ

RNS Number : 6565P

Anglo Asian Mining PLC

10 October 2023

The following amendment has been made to the 'Loan from the International Bank of Azerbaijan' announcement released on 9 October 2023 at 4.00 P.M. under RNS No 4609P.

The date of the Group's cash position and total borrowings in the final paragraph has been amended from 6 September 2023 to 6 October 2023.

All other details remain unchanged.

The full amended text is shown below.

10 October 2023

Anglo Asian Mining plc

$10 million loan drawdown from the International Bank of Azerbaijan

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM-listed gold, copper and silver producer operating in Azerbaijan, announces that it has drawn down a $10 million tranche from the International Bank of Azerbaijan ("IBA") under its revolving credit facility. This credit facility was suspended whilst the Micon environmental review was carried out. However, this drawdown of $10 million follows the recognition by the Government of Azerbaijan that there is no environmental contamination at Gedabek following the release of the Micon environmental report.

The $10 million tranche has a fixed interest rate of 6.5 per cent. and is repayable over 3 years. Interest is paid monthly and there is a six-month capital repayment grace period. The loan is then repayable in equal monthly instalments over the next 30 months. The funds will be used for capital and other expenditure to restart the Group's operations.

The loan has been drawn down under the Group's AZN55 million ($32.3 million) credit line. $3.5 million was also drawn down in early July 2023 as a one-year fixed term working capital loan with a fixed rate interest of 5.5 per cent. Interest is paid monthly on the loan and the principal is repayable at the end of the term.

The Group's remaining undrawn credit line with IBA is $18.8 million. The Group has also drawn down a $5.6 million term loan with Access Bank in Azerbaijan which is secured against a $6.0 million deposit with the bank and carries an interest rate of 6 per cent. At 6 October 2023, the Group had cash of $20.3 million and total borrowings of $19.1 million.

Note that all references to "$" are to the United States dollar and the "AZN" to the Azeri new Manat.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, which was incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.

For further information please contact:

 
 Reza Vaziri        Anglo Asian Mining plc          Tel: +994 12 596 3350 
 Bill Morgan        Anglo Asian Mining plc          Tel: +994 502 910 400 
                   ------------------------------  ---------------------- 
 Stephen Westhead   Anglo Asian Mining plc          Tel: +994 502 916 894 
                   ------------------------------  ---------------------- 
 Ewan Leggat        SP Angel Corporate Finance      Tel: +44 (0) 20 3470 
  Adam Cowl          LLP                             0470 
                     Nominated Adviser and Broker 
                   ------------------------------  ---------------------- 
 Charlie Jack       Hudson Sandler                  Tel: +44(0) 20 7796 
  Harry Griffiths                                    4133 
                   ------------------------------  ----------------------

Notes:

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer with a high-quality portfolio of production and exploration assets in Azerbaijan. The Company produced 57,618 gold equivalent ounces ("GEOs") for the year ended 31 December 2022.

On 30 March 2023, the Company published its strategic plan for growth which shows a clearly defined path for the Company to transition to a multi-asset, mid-tier copper and gold producer by 2028. By 2028, copper will be the principal product of the Company, with forecast production of around 36,000 copper equivalent tonnes. It plans to achieve this growth by bringing into production four new mines during 2023 to 2028 at Zafar, Gilar, Xarxar and Garadag.

The Company owns approximately 17.4 per cent. of Libero Copper & Gold Corporation ("Libero"). Libero is listed on the TSX Venture Exchange in Canada and owns, or has the option to acquire, several copper exploration properties in North and South America, including Mocoa in Colombia, one of the world's largest undeveloped copper-molybdenum resources.

https://www.angloasianmining.com/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFLFVLIVLILIV

(END) Dow Jones Newswires

October 10, 2023 07:36 ET (11:36 GMT)

Anglo Asian (AQSE:AAZ.GB)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024