Avocet Mining PLC Update on SMB balance sheet restructuring (6395R)
September 25 2017 - 1:01AM
UK Regulatory
TIDMAVM
RNS Number : 6395R
Avocet Mining PLC
25 September 2017
Update on SMB balance sheet restructuring
Avocet Mining Plc (the 'Company') announces today that
discussions with certain financial and trade creditors (the 'Major
Creditors') of its subsidiary Société des Mines de Bélahouro SA
('SMB') continue with a view to reach agreement on a consensual
restructuring of SMB's balance sheet.
In light of the current circumstances, the Board of the Company
decided to meet on 28 September 2017 to re-assess the status of the
discussions with the Major Creditors, SMB's liquidity position and
the available options.
Given the current status of discussions, it is unclear whether
agreement on a restructuring of the balance sheet can be reached
before SMB has exhausted all available sources of financing.
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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