EBRD Loan Agreement
June 06 2012 - 5:32AM
UK Regulatory
TIDMHMB
Hambledon Mining plc ("Hambledon" or the "Company")
6 June 2012
Hambledon Mining plc (AIM: HMB) the gold mining and development
company based in Kazakhstan, today announces further information
regarding its loan agreement with the EBRD. A copy of this
announcement will be available on the Company's website -
www.hambledon-mining.com.
EBRD Loan Agreement
Further to the announcement made on 22 February 2012 and the
circular to shareholders dated 1 February 2012, Hambledon is
pleased to announce that the Company has met all the conditions
pertaining to the first tranche of the loan from the European Bank
for Reconstruction and Development ("EBRD").
Loan Agreement
Under the terms of the Loan Agreement entered into on 21
February 2012 between two of the Company's subsidiaries, Altai
Ken-Bayitu LLP ("AKB") and Sekisovskoye LLP ("Seki"), and EBRD,
EBRD conditionally agreed to lend US$15 million in two tranches to
AKB and Seki, on a joint and several basis, repayable in quarterly
instalments between 10 January 2015 and 10 October 2017. Interest
on drawn amounts will be charged at a rate of three months LIBOR
plus seven per cent. per annum. The loan ceases to be available for
draw down on 21 February 2014.
Under the Loan Agreement, AKB and Seki have each given certain
representations, warranties and covenants to EBRD and the Loan
Agreement contains certain events of default that could enable EBRD
to require repayment prior to the stated maturity date.
AKB and Seki have now satisfied the conditions precedent to the
Loan Agreement for the first tranche of US$10 million and these
funds have now become available for use by Hambledon. The
availability of the second tranche is subject to certain production
targets being met.
Ognevka
Hambledon is pleased to announce that, in addition to receiving
US$1.2 million from the liquidation proceeds of Ognevka as
announced on 20 April 2012, it has received a further payment of
U$300,000 making total proceeds. No further payments are
expected.
Enquiries:
Hambledon Mining plc: Telephone +44 (0)20 7233 1462Charles
Zorab
Fairfax I.S. PLC (Nominated adviser and broker): Telephone +44
(0)20 7598 5368Ewan Leggat/Katy Birkin
Tavistock Communications: Telephone +44 (0)20 7920 3150Ed
Portman/Jos Simson
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