Patagonia Gold PLC Loan Facility Amendment (0333C)
June 13 2019 - 1:00AM
UK Regulatory
TIDMPGD
RNS Number : 0333C
Patagonia Gold PLC
13 June 2019
13 June 2019
Patagonia Gold Plc
("Patagonia Gold" or the "Company")
Loan Facility Amendment
Patagonia Gold Plc, the AIM-listed mining company with gold and
silver projects in the Patagonia region of Argentina and in Chile
and Uruguay, announces that, further to its announcement of 1 March
2019, it has entered into a supplementary agreement with Cantomi
Uruguay S.A. ("Cantomi") to increase the maximum aggregate amount
of the loan facility entered into with Cantomi (the "Loan
Facility") to US$15.5 million, until 31 July 2019, to provide
additional headroom for the Company during this period (the "Loan
Facility Amendment").
All other terms and conditions of the Loan Facility will remain
unchanged. As at the date of this announcement, approximately
US$5.5 million has been drawn down under the Loan Facility.
Related Party Transaction
Cantomi is an associate of Mr Carlos Miguens and a substantial
shareholder of Patagonia Gold, interested in approximately 53.19
per cent. of the existing issued share capital. Accordingly,
Cantomi is considered a related party under the AIM Rules. In
addition, Mr Miguens is directly interested in 0.72 per cent. of
the Company. The Loan Facility Amendment therefore constitutes a
related party transaction pursuant to Rule 13 of the AIM Rules for
Companies. Accordingly, the independent Directors of the Company
(being all of the Directors other than Mr Miguens), having
consulted with the Company's Nominated Adviser, Strand Hanson
Limited, consider that the terms of the Loan Facility Amendment are
fair and reasonable insofar as the Company's shareholders are
concerned.
For more information, please contact:
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Plc
Tel: +54 11 5278 6950
James Spinney / James Dance / Jack Botros
Strand Hanson Limited (Nominated Adviser and Broker)
Tel: +44 (0)20 7409 3494
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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