Robex Secures Temporary Financing of $5 Million for the Nampala Mine
08 5월 2014 - 11:42PM
Marketwired
Robex Secures Temporary Financing of $5 Million for the Nampala
Mine
QUEBEC CITY, QUEBEC--(Marketwired - May 8, 2014) - Robex
Resources inc. ("Robex" or the "Company")
(TSX-VENTURE:RBX)(FRANKFURT:RB4) confirms the closing of a CDN$5
million revolving credit facility (the "Credit Facility") provided
by Mr. Georges Cohen, President and CEO of the Company. The purpose
of the Credit Facility is to meet the cash flow needs of the
Company as it prepares to enter into the production phase of its
Nampala mine in Mali (the "Mine"), to support capital expenditures,
and to purchase gold production equipment.
The Credit Facility will provide the Company a temporary source
of financing in order to allow its subsidiary, Nampala S.A., to
begin the production phase of the Mine, which is expected to occur
in June 2014. The Company also requires the temporary financing to
enable the Mine to achieve its full capacity, which is expected to
occur during the third quarter of this year.
The Credit Facility has a term of one (1) year, bears an
interest rate of 8% per year, and is renewable on an annual basis.
Monthly payments on the Credit Facility are for interest only, on
the portion of the capital used by Company, and the Company can
elect to repay the Credit Facility early without penalty.
The Company granted a first rank hypothec on the present and
future movable property of the Company as security for the Credit
Facility.
A material change report has concurrently been filed by the
Company which is less than 21 days prior to the closing of the
financing. This is explained by the immediate cash flow needs of
Nampala S.A. which otherwise would have delayed the achievement of
the Company's production objectives.
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This press release contains statements that may constitute
"forward-looking information" or "forward-looking statements" as
set out within the context of security law. This forward-looking
information is subject to many risks and uncertainties, some of
which are beyond Robex Inc.'s ("Robex") control. The actual results
or conclusions may differ considerably from those that have been
set out, or intimated, in this forward-looking information. There
are many factors which may cause such disparity, especially the
instability of metal market prices, the results of fluctuations in
foreign currency exchange rates or in interest rates, poorly
estimated reserves, environmental risks (stricter regulations),
unforeseen geological situations, unfavourable extraction
conditions, political risks brought on by mining in developing
countries, regulatory and governmental policy changes (laws and
policies), failure to obtain the requisite permits and approvals
from government bodies, or any other risk relating to mining and
development. There is no guarantee that the circumstances
anticipated in this forward-looking information will occur, or if
they do occur, how they will benefit Robex. The forward-looking
information is based on the estimates and opinions of Robex's
management at the time of the publication of the information and
Robex does not assume any obligation to make public updates or
modifications to any of the forward-looking statements, whether as
a result of new information, future events, or any other cause,
except if it is required by securities laws.
The TSX Venture Exchange or its Regulation Services Provider
(as defined in the policies of the TSX Venture Exchange) accepts no
liability for the authenticity or accuracy of this
release.
Augustin RousseletChief Financial
Officerinfo@robexgold.com+1.581.741-7421
Robex Resources (TSXV:RBX)
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