TIDMCNG

China Nonferrous Gold Limited

("CNG" or the "Company")

Financial Position

China Nonferrous Gold Limited (AIM: CNG), the mineral exploration and mining company currently mining the Pakrut gold project in the Republic of Tajikistan, announces that it has received notice from one of its creditors, CNMC Trade Company Limited ("CNMC Trade") that the loan it had provided to CNG of US$14.55m dated 12 July 2023 and which was due for renewal on 31 December 2023 ("The New Outstanding Loan"), will not be extended. Instead CNMC Trade has today demanded that CNG repay the New Outstanding Loan immediately without delay; and furthermore, CNMC Trade has confirmed it does not intend to provide any extension to this timetable.

In addition, CNMC Trade also demanded today that CNG immediately repay the previous outstanding loan, which was US$206.10m announced on December 22 2023 and this new outstanding loan of US$14.55m, as well as the interests and the related cost. The total amount of the loans matured to be repaid to CNMC Trade is US$220.65m to date.

At today's date CNG has a cash balance of US$3.79m and loans of US$314m, all of which is due for repayment within the next 12 months. The Company therefore does not have sufficient cash available to pay the amounts requested nor do the directors believe CNG has the ability to source additional funds in the time frame set out by the demand. Accordingly, the Directors are now liaising with CNMC Trade to discuss a way forward for the Company.

Further updates will be provided in due course as appropriate.

For further information please visit the Company's website (www.cnfgold.com) or contact:

China Nonferrous Gold Limited

Feng Zhishuo, Managing Director

Tel: +86 10 8442 6627

WH Ireland Limited (NOMAD & Broker)

Katy Mitchell, Andrew de Andrade

Tel: +44 (0)207 220 1666

BlytheRay (PR)

Tim Blythe, Megan Ray

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/20240103080175/en/

 
    CONTACT:

China Nonferrous Gold Limited

 
    SOURCE: China Nonferrous Gold Limited 
Copyright Business Wire 2024

(END) Dow Jones Newswires

January 03, 2024 05:04 ET (10:04 GMT)

China Nonferrous Gold (LSE:CNG)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more China Nonferrous Gold Charts.
China Nonferrous Gold (LSE:CNG)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more China Nonferrous Gold Charts.