Avocet Mining PLC Extension of the Standstill Agreement (9762N)
August 15 2017 - 1:00AM
UK Regulatory
TIDMAVM
RNS Number : 9762N
Avocet Mining PLC
15 August 2017
Extension of the Standstill Agreement
Avocet Mining PLC, ('Avocet' or 'the Company') announces today
that the standstill agreement ('the Standstill Agreement') with its
major trade and financial creditors ('the Major Creditors') and its
subsidiary Société des Mines de Bélahouro SA ('SMB') that operates
the Inata gold mine in Burkina Faso, has been further extended
until 18 August 2017.
SMB has been in discussions with trade creditors, banks and
government to stabilize SMB and with a view to restructure its
balance sheet since April. On 31 May 2017, the Company has
announced that SMB, the Major Creditors - together representing
approximately seventy per cent of SMB's debt -agreed the terms of a
standstill agreement for the duration of two months until 31 July
2017 as strategic options were being explored in connection with a
financial, debt and corporate restructuring of the SMB.
The agreement was extended until 14 August 2017, however
following the events in Ouagadougou, it has been decided to extend
the Standstill Agreement until 18 August 2017.
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC Blytheweigh J.P. Morgan Cazenove
Financial PR Corporate Broker
Boudewijn Wentink, CEO Tim Blythe Michael Wentworth-Stanley
Yolanda Bolleurs, CFO Camilla Horsfall
Megan Ray
+44 20 3709 2570 +44 207 138 3204 +44 20 7742 4000
NOTES TO EDITORS
Avocet Mining PLC ("Avocet" or the "Company") is an unhedged
gold mining and exploration company listed on the London Stock
Exchange (ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL). The
Company's principal activities are gold mining and exploration in
West Africa.
In Burkina Faso the Company owns 90 per cent of the Inata Gold
Mine. The Inata Gold Mine poured its first gold in December 2009
and produced 72,485 ounces of gold in 2016. Other assets in Burkina
Faso include five exploration permits surrounding the Inata Gold
Mine in the broader Bélahouro region. The most advanced of these
projects is Souma, some 20 kilometers from the Inata Gold Mine.
The Company also holds an interest in the Tri-K project in
Guinea. On 22 May 2017, the Company announced that it had completed
its agreement to dispose of 40 per cent of the project to Managem,
a Moroccan group listed on the Casablanca stock exchange, which
will increase upon completion of a bankable feasibility study for a
CIL plant at the site, the incurring of expenditures of at least
US$10 million, and the enlarging of the ore reserve, to 70 per cent
(in the event of an increase of the reserve to 1 million ounce or
more) or 60 per cent (if less than 1 million ounces).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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