CHINA NONFERROUS GOLD: Execution of New Loan Agreement
June 23 2021 - 3:56AM
UK Regulatory
TIDMCNG
China Nonferrous Gold Limited
("CNG" or the "Company")
Execution of New Loan Agreement
Update on COVID 19
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 update:
Banking Facility from Bank of Shanghai (Hong Kong) Limited
The Company has today executed an agreement with Bank of
Shanghai (Hong Kong) Limited ("BOS") for a loan facility of up to
US $65 million (the "BOS Loan"). The Loan facility is for a maximum
of 24 months and is repayable 24 months from the drawdown. The
terms of the BOS Loan include an annual interest rate at 1.30% plus
3 month LIBOR.
Separately, it has been agreed (as a standalone agreement) that
the facility will be guaranteed by a standby letter of credit from
China Nonferrous Metal Mining (Group) Co., Ltd ("CNMC") (the
"Guarantee"), for the aggregate amount of USD$66 million, such
guarantee also expires 24 months from the date of the drawdown (the
"SBLC"). The total amount of the Loans shall not exceed 99% of the
total value of the SBLC at any time.
It has also been agreed that 0.2% per annum of the total sum is
payable as arrangement fee by CNG to BOS.
There are no fees payable to CNMC by CNG for providing the
guarantee.
The total amount of US$65m of the BOS Loan is expected to be
drawn down before the end of the month in order to repay the CCBC
Macau loan, of which US $65m remains outstanding (see announcement
dated 1 July 2016 for more details of this arrangement). This loan
is due for repayment before the end of June 2021.
Summary of Current Financial Position
At the current time, excluding the BOS Loan outlined above,
loans drawn down by the Company amount to c. USD$328 million, this
includes US$99.55m of banking facilities (unaudited).
COVID 19 Update
The Directors confirm that they continue to take appropriate
steps to ensure that staff are protected at site, and that to date
operations at the mine site at Pakrut continue as normal, despite
COVID 19. Further updates will be provided if the situation
changes.
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: +44 (0)207 220 1666
Blytheweigh (PR)
Tim Blythe, Camilla Horsfall
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
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210623005434/en/
CONTACT:
China Nonferrous Gold Limited
SOURCE: China Nonferrous Gold Limited
Copyright Business Wire 2021
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