China Nonferrous Gold Financial Update
October 30 2017 - 2:10AM
UK Regulatory
TIDMCNG
30 October 2017
China Nonferrous Gold Limited ??????????
("CNG" or the "Company")
Financial Update
China Nonferrous Gold Limited ?????????? (AIM: CNG), the mineral
exploration and mining company currently mining the Pakrut gold
project in the Republic of Tajikistan, is pleased to provide the
following financial update.
Banking Facility from China Construction Bank Corporation Macau
Branch
The Company has signed an agreement with China Construction Bank
Corporation Macau Branch for a loan facility of up to USD$20
million ("CCBC Loan"). The CCBC Loan facility is for a maximum of
one year and repayable 12 months from first drawdown. The terms of
the CCBC Loan includes an annual interest rate at 1.3% plus 3 month
LIBOR and is governed by the law of Macau. The facility will be
secured by a standby letter of credit ("SBLC") from China
Construction Bank Corporation Beijing Branch, for the aggregate
amount of USD$20,618,556.70 , which expires in 12 months from the
date of first drawdown. An SBLC fee of 1.15% is payable per
annum.
The CCBC Loan is expected to be drawn down shortly and will be
used for working capital and to fund the restoration of production
at the Pakrut gold mine.
The Company continues to engage in discussions regarding a wider
refinancing of the business. As noted in the Company's interim
results for the period ended 30 June 2017 the refinancing is
required in the near-term to repay US$20,000,000 of its loan to
CNMC International Capitals Company Limited due on 26 November 2017
as well as the short term financing announced on 29 September 2017
which is due shortly afterwards.
For further information please visit the Company's website
(www.cnfgold.com) or contact:
China Nonferrous Gold Limited
Yu Lixian, Managing Director
Tel: +86 10 8442 6681
Investec Bank Plc
Jeremy Ellis, George Price
Tel: +44 (0)20 7597 5970
Beaufort Securities Limited
Jon Belliss
Tel: +44 (0)20 7382 8300
Blytheweigh
Tim Blythe, Camilla Horsfall
Tel: +44 (0)20 7138 3224
LEI: 213800N6OF4LUDO7WD52
2.2. Inside information
View source version on businesswire.com:
http://www.businesswire.com/news/home/20171030005393/en/
This information is provided by Business Wire
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