Anglo Asian Mining PLC Revolving Credit Facility Agreement (3640S)
March 09 2023 - 1:00AM
UK Regulatory
TIDMAAZ
RNS Number : 3640S
Anglo Asian Mining PLC
09 March 2023
9 March 2023
Anglo Asian Mining PLC
Revolving Credit Facility Agreement
Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer primarily focused in
Azerbaijan, is pleased to announce it has signed an agreement for a
new AZN 55 million (US$32.3 million) revolving credit facility (the
"Facility") with the International Bank of Azerbaijan.
The seven-year revolving credit facility was entered into
through Anglo Asian's wholly owned operating subsidiary, Azerbaijan
International Mining Company ("AIMC"). It will provide both
additional finance and operational flexibility for the Company's
expansion plans. No drawdown has currently been made from the
facility. The main terms of the Facility are set out below in
Appendix One.
The agreement represents another important step in Anglo Asian
preparing for the implementation of its medium-term growth plans,
culminating in establishing the Company as a mid-tier
copper-focused mining company. These plans will be published later
this month.
Anglo Asian, CEO Reza Vaziri, commented:
"We are pleased to sign a new revolving credit facility with the
International Bank of Azerbaijan, another milestone in the
preparation of rolling out our medium-term operational expansion
plans. The facility was negotiated on a non-secured basis which
demonstrates the confidence of local Azeri financial institutions
in our business. We see considerable potential across our portfolio
of exploration and development stage assets and look forward to
driving the Company's progression with this additional capital
support."
All references to "AZN" are to Azerbaijan Manat. An exchange
rate of US$1 = AZN1.7 has been used.
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:
Anglo Asian Mining plc
Reza Vaziri, Chief Executive Officer Tel: +994 12 596 3350
Bill Morgan, Chief Financial Officer Tel: +994 502 910 400
Stephen Westhead, Vice President Tel: +994 502 916 894
SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Tel: +44 (0) 20 3470 0470
Ewan Leggat
Adam Cowl
Hudson Sandler (Financial PR) Tel: +44 0) 20 7796 4133
Charlie Jack
Harry Griffiths
Appendix One
Main terms of the Facility
-- The borrower is Azerbaijan International Mining Company, with
the amount of the Facility being AZN 55 million (US$32.3 million)
from 1 March 2023 to 31 December 2030
-- The loan is guaranteed by Anglo Asian and RV Investment Group
Services LLC, and borrowings will be unsecured other than a pledge
that will be granted over any equipment purchased from drawings
under the Facility
-- Amounts drawn under the Facility will be used for the
furtherance on AIMC's business operations in Azerbaijan
-- Drawdown of the Facility can be in either AZN or US dollars
and the repayment date of each tranche can be specified by AIMC,
tranches will be repaid in the same currency as that drawn down and
can be reborrowed
-- Until 31 December 2023, the interest rate on AZN drawings
will be from 10 to 12 per cent. depending on the repayment date and
for US dollars from 5.5 per cent to 7 per cent. depending on the
repayment date
-- From 1 January 2024, the interest rates may be increased by
0.5 per cent. for each one per cent. increase in the US Federal
reserve rate subject to local market conditions.
Notes to editors
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver
producer in south-west Asia with a broad portfolio of production
and exploration assets in Azerbaijan. The Company produced 57,618
gold equivalent ounces ("GEOs") for the year ended 31 December
2022.
In December 2021, the Company undertook a private placement
which acquired 19.8 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. Two further follow-on investments have
been made in Libero to maintain the Company's shareholding at 19.8
per cent.
On 5 July 2022, the Parliament of Azerbaijan ratified amendments
to the Company's Production Sharing Agreement, which granted it
legal title to three additional concessions with a combined area of
882 square kilometres, including the Garadagh porphyry copper
deposit, with a Soviet classified resource of over 300,000 tonnes
of copper. 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
AGRFLFEAVSITIIV
(END) Dow Jones Newswires
March 09, 2023 02:00 ET (07:00 GMT)
Anglo Asian (AQSE:AAZ.GB)
Historical Stock Chart
From Dec 2024 to Jan 2025
Anglo Asian (AQSE:AAZ.GB)
Historical Stock Chart
From Jan 2024 to Jan 2025
