CIC Gold Group Limited End of Year Update (6153L)
12 1월 2016 - 9:42PM
UK Regulatory
TIDMCICG
RNS Number : 6153L
CIC Gold Group Limited
12 January 2016
CIC Gold Group Limited
("CIC Gold" or the "Company")
END OF YEAR CORPORATE UPDATE
CIC Gold (LSE: CICG) is pleased to provide the following general
corporate update.
Progress of Acquisition of 80% Gobi Mineral Group Limited
CIC Gold is pleased to advise that a Competent Persons Technical
Report Gobi Minerals Copper-Gold Project will be available on the
Companies website from the 14 January 2016. The Gobi Gold Copper
Project consists of a single exploration lease (478 square km)
which is known to contain a number of potentially significant
economic gold, copper and rare earth deposits. The Gobi Mineral
Lease is located in the South Gobi region of Mongolia, adjacent to
Mongolia Alt Corporation Tsagaan Suvarga mine and regionally to Oyu
Tolgoi the world's leading copper gold mine owned by Turquoise Hill
Resources Ltd (formerly, Ivanhoe Mines Ltd). The Company expects to
commence the process of seeking eligibility for Admission of the
enlarged group and submitting a draft prospectus for review by the
UK Listing Authority in due course. The acquisition of Gobi Mineral
Group is subject to shareholder approval.
Special Shareholders Meeting
Formal notice of Special Share Holder Meeting will be mailed by
Computer Share (share registrar) to registered shareholders and
nominees of non-registered shareholders. Shareholders will be asked
to approve new shares and Shareholders who have not received voting
and meeting materials should contact Norman Ye Chief Operating
Officer by email Norman@CICGold.com. An Information Circular will
be available on the Company's website from January 15, 2016. The
shareholder meeting is to be held at 5.00 Pm Friday February 19,
2016 in Beijing, China. Details of the venue and location will be
confirmed in the meeting Information Circular.
The Board
The Company is finalising new Board appointments to ensure a
strong technical representation as the company effects its business
strategy in the gold mineral sector. Mr. Luke Webster has retired
from the board and the company thanks him for his great service and
loyalty.
Working Capital
The Company's principal treasury fund is held in the account of
its Chinese subsidiary Top Ten Co. The approval of funds transfer
out of China is complex and can take significant time. It is
resolved that CIC Capital Fund Limited, who provided the initial
working capital by way of convertible loans in the initial public
listing of the Company in June 2015, will provide a further
convertible loan facility of GBP1,200,000. Should the loan be
converted to common shares it will be at 2.00 UK pence per share
with a full warrant. This will resolve the significant issue of
funds transfer out of China to discharge remaining creditors of the
company in the near future. The funds remaining in its Chinese
subsidiary will be used for working capital to fund the human
resources and other costs in China in relation to the Gobi Minerals
Project. Gobi Minerals Project office will be established in
Beijing, China with a operations office in Ulaanbaatar, Mongolia to
service the de-risking works of Gobi Minerals Group Project. The
Company is completing its new banking facility in Hong Kong to
better service its Asian mineral projects and operational
bases.
Enquires
CIC Gold Group Limited
YuanYuan Lv YuanYuan@CICGold.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
January 12, 2016 07:42 ET (12:42 GMT)
Cic Gold Grp (LSE:CICG)
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