CHINA NONFERROUS GOLD: Execution of Bridging Loan Agreement
24 1월 2022 - 8:53PM
UK Regulatory
TIDMCNG
China Nonferrous Gold Limited
("CNG" or the "Company")
Execution of Bridging Loan Agreement
Update on COVID 19
China Nonferrous Gold Limited (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 update:
Bridging Loan from CNMC Trade Company Limited
The Company has today executed a loan agreement with CNMC Trade
Company Limited ("CNMC Trade") for a loan of up to USD $34.55
million (the "CNMC Loan"). This CNMC Loan will be used to repay the
existing China CITIC Bank Corporation Limited ("CITIC") bank
facilities of USD $34.55m (being USD20m advanced in January 2021
("First Loan") and USD14.55m advanced in March 2021 ("Second
Loan"), as set out in the announcements dated 22 January 2021 and 8
March 2021). It has been agreed that as soon as the facilities are
repaid CITIC will enter into a new loan with the Company, and a
further announcement will be made in due course to confirm the
same.
The total amount of the CNMC Loan is USD 34.55m with 3% fixed
annual interest rate. The maturity date of this loan is the 30th
day after the actual drawdown date. There are no other fees payable
to CNMC Trade under this CNMC Loan.
Approximately US$20m of the CNMC Loan will be drawn down today
and repaid to CITIC bank to repay the First Loan and a further
US$14.55m will be drawn down shortly to repay the Second Loan.
The Company will repay the total amount of the CNMC Loan as soon
as the new CITIC loan is entered into. The Directors advise that
the requirement to repay an existing loan before a new loan is
taken out is not an unusual condition of Chinese commercial
banking.
Additional Information
Whilst the Pakrut Gold Mine Project continues to progress well
but the Company still needs to service the outstanding loans,
expand operations and work on efficiencies at site.
Summary of Current Financial Position
At the current time, excluding the new CNMC Loan, loans drawn
down by the Company amount to c. USD$319 million, this includes
US$99.55m of banking facilities (unaudited).
COVID 19 (Omicron) Update
The Company confirms that they have taken appropriate steps to
ensure that staff at protected at site, and that to date operations
at the mine site at Pakrut continue as normal. Further updates will
be provided if the situation changes.
Related Party Transaction
The Company's major shareholder is China Nonferrous Metals
International Mining Co., ltd ("CNMIM"), which holds 38% of the
issued share capital of the Company and China Non-ferrous Mining
Corporation ("CNMC") is the major shareholder of CNMIM and CNMC
Trade. Accordingly, CNMC Trade is deemed to be a related party
under the AIM Rules.
The directors of the Company with the exception of (i) Yu Lixian
who is the chairman of the board of CNMIM and; (ii) Zhang Hui who
is CEO of CNMIM, and (iii) Wang Xiaohua who is the director of
Finance Department of CNMIM, consider that having consulted with WH
Ireland, the Company's nominated adviser, the terms of the CNMC
Loan agreement are fair and reasonable insofar as the Company's
shareholders are concerned.
For further information please visit the Company's website
(www.cnfgold.com) or contact:
China Nonferrous Gold Limited
Zhang Hui, Managing Director
Tel: +86 10 8442 6662
WH Ireland Limited (NOMAD & Broker)
Katy Mitchell, Andrew de Andrade
Tel: +44 (0)207 220 1666
Blytheweigh (PR)
Tim Blythe
Tel: +44 (0)20 7138 3224
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014
View source version on businesswire.com:
https://www.businesswire.com/news/home/20220124005411/en/
CONTACT:
China Nonferrous Gold Limited
SOURCE: China Nonferrous Gold Limited
Copyright Business Wire 2022
(END) Dow Jones Newswires
January 24, 2022 06:53 ET (11:53 GMT)
China Nonferrous Gold (AQSE:CNG.GB)
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