CHINA NONFERROUS GOLD: Extension to Loan Agreement
March 26 2021 - 8:54AM
UK Regulatory
TIDMCNG
China Nonferrous Gold Limited
("CNG" or the "Company")
Extension to Loan Agreement
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 announce that
the Company has extended the repayment period for the loans that
are in place with CNMC Trade Company Limited ("CNMC Trade") and
CNMC International Capitals Company Limited ("CNMC International").
The loans in place with CNMC Trade and CNMC International, are USD
$146.5 million and USD $70 million respectively.
The Company has total debt facilities (including banking
facilities) of c. US$328m at this current time (unaudited).
The current loans provided by CNMC Trade, which were detailed in
the announcement dated 15 July 2020, are set out below, along with
the new repayment date. The Company have also agreed a lower
interest than under the previous arrangement. No other changes have
been made to the loan agreements:
-- A loan of US$126.5m. This was due to be repaid on 20 December 2020 but
the Company have signed an extension agreement pursuant to which the
repayment date for this loan will be extended to 20 December 2022. Annual
interest is reduced to 3.25% over 3 month LIBOR (it was previously 3.70%
over 6 month LIBOR). Interest will be payable on 31 March, 30 June, 30
September and 31 December each year;
-- A loan of US$20m. This was due to be repaid on 26 November 2020. It had
been informally extended on a month by month basis. The Company have now
signed an extension agreement pursuant to which the repayment date for
this loan will be extended to 26 November 2022. Annual interest is
reduced to 3.25% over 3 month LIBOR (it was previously 3.70% over 6 month
LIBOR ). Interest will be payable on 31 March, 30 June, 30 September and
31 December each year;
The current loan provided by CNMC International, which was
detailed in the announcement dated 2 March 2021, is set out below,
along with the new repayment date and lower interest than previous.
No other changes have been made to the loan agreements:
-- A loan of US$70m. This was due to be repaid on 8 December 2020 but the
Company have signed an extension agreement pursuant to which the
repayment date for this loan will be extended to 8 December 2022. Annual
interest is reduced to 3.25% over 3 month LIBOR (it was previously
5.80%). Interest will be payable on 31 March, 30 June, 30 September and
31 December each year;
CNMC Trade and CNMC International are wholly owned subsidiaries
of China Nonferrous Metals Mining (Group)Co., Ltd ("CNMC Group")
which is also the parent company of China Nonferrous Metals Int'l
Mining Co.,Ltd("CNMIM"), a substantial shareholder of the
Company.
The Company continues to engage with commercial banking partners
to explore a wider refinancing of the business and will update
shareholders in due course.
Related Party Transaction
As CNMC Trade and CNMC International are wholly owned
subsidiaries of CNMC Group, which in turn is the parent company of
China Nonferrous Metals Int'l Mining Co.,Ltd ("CNMIM"), a
substantial shareholder of the Company the extension of the CNMC
Trade and CNMC International Loans are deemed to be related party
transactions pursuant to AIM Rule 13 of the AIM Rules for
Companies. The Company's board of directors (excluding Yu Lixian,
Zhang Hui and Feng Delin, who are appointees of CNMIM) considers,
having consulted with CNG's Nominated Adviser, WH Ireland Limited,
that the terms of the extension of the Loans are fair and
reasonable insofar as the shareholders of CNG are concerned.
For further information please visit the Company's website
(www.cnfgold.com) or contact:
China Nonferrous Gold Limited
Zhang Hui, Managing Director
Tel: +86 10 8442 6662
WH Ireland Limited (NOMAD & Broker)
Katy Mitchell, James Sinclair-Ford
Tel: 0207 220 1666
Blytheweigh (PR)
Tim Blythe
Tel: +44 (0)20 7138 3224
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014
Project Summary
The Pakrut gold project, of which CNG has 100 per cent
ownership, is situated in Tajikistan approximately 120 km northeast
of the capital city Dushanbe. Pakrut is located within the Tien
Shan gold belt, which extends from Uzbekistan into Tajikistan,
Kyrgyzstan and Western China, and which hosts a number of
multi-million ounce gold deposits.
CNG is currently continued full production despite COVID-19, and
the operation of Pakrut gold mine is remaining stable overall.
About Tajikistan
Tajikistan is a secular republic located in Central Asia. The
country is a member of the Commonwealth of Independent States and
the Shanghai Cooperation Organisation. Tajikistan hosts numerous
operating precious metal mines as well as the largest aluminium
smelter in Central Asia. CNG's management team has extensive
experience in the mining industry in Tajikistan.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210326005292/en/
CONTACT:
China Nonferrous Gold Limited
SOURCE: China Nonferrous Gold Limited
Copyright Business Wire 2021
(END) Dow Jones Newswires
March 26, 2021 09:54 ET (13:54 GMT)
China Nonferrous Gold (LSE:CNG)
Historical Stock Chart
From Mar 2024 to Apr 2024
China Nonferrous Gold (LSE:CNG)
Historical Stock Chart
From Apr 2023 to Apr 2024