Petropavlovsk PLC Draw Down of Facilities and Notice of Results (3512T)
March 19 2019 - 11:26AM
UK Regulatory
TIDMPOG
RNS Number : 3512T
Petropavlovsk PLC
19 March 2019
19 March 2019
Petropavlovsk PLC
Draw Down of Gazprombank Facilities and Notice of Results
Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together
with its subsidiaries, the "Group") is pleased to announce that the
refinancing of the outstanding Industrial and Commercial Bank of
China Ltd ("ICBC") loan has been completed following an initial
drawdown on a new US$240 million facility with JSC Gazprombank
("Gazprombank") by the Kimkano-Sutarsky Mining and Beneficiation
Plant LLC ("K&S"), a wholly owned subsidiary of IRC Limited
("IRC").
Following the successful approval by Petropavlovsk shareholders
at a General Meeting held on 12 March 2019, to guarantee the
obligations of K&S under two new broadly identical facility
agreements with Gazprombank (the "Facility Agreements"), the
Company is pleased to announce that the refinancing of the ICBC
loan has been completed following an initial drawdown of US$172
million from the new Gazprombank facility and, as such, the
Petropavlovsk guarantees relating to that new facility have become
effective.
The sum of US$169 million has been applied to fully repay
K&S's outstanding principal indebtedness under the ICBC
Facility, with the remaining US$3 million being drawn as working
capital for K&S. Of the remaining undrawn amount under the new
Facility Agreements, it is expected that US$57 million will be
drawn to repay the two bridge loans advanced by Petropavlovsk to
IRC during 2018 as well a guarantee fee of US$6 million. It is
anticipated that both amounts will be drawn on or around 21 March
2019. In addition, a deferred guarantee fee amounting to US$5
million is payable by IRC to Petropavlovsk no later than 31 March
2020.
As set out in IRC's announcement dated 15 February 2019, the
recourse agreement, a connected transaction previously entered into
between Petropavlovsk, IRC and K&S dated 13 December 2010 in
respect of the ICBC Facility ("ICBC Recourse Agreement"), will
terminate and cease to be of any force and effect from when the
ICBC Facility is released and discharged. Accordingly, the ICBC
Recourse Agreement will terminate and cease to be of any force and
effect on or about the date of this announcement.
Confirmation of Full Year 2018 Results and Q1 2019 Production
Announcement
The Company would like to announce that annual results for the
year ended 31 December 2018, as well as a Q1 2019 production
update, will be released on 24 April 2019. A webcast and a
conference call will be hosted by Petropavlovsk management to
discuss the results.
Enquiries
For more information, please visit www.petropavlovsk.net and
www.ircgroup.com.hk or contact:
Petropavlovsk PLC Buchanan
Patrick Pittaway Bobby Morse
Max Zaltsman Chris Judd
+44 (0) 20 7201 8900 +44 (0) 207 466 5000
TeamIR@petropavlovsk.net POG@buchanan.uk.com
Cautionary note on forward-looking statements
This release may include statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will" or
"should" or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward
looking statements include all matters that are not historical
facts. They appear in a number of places throughout this release
and include, but are not limited to, statements regarding the
Group's intentions, beliefs or current expectations concerning,
among other things, the future price of gold, the Group's results
of operations, financial position, liquidity, prospects, growth,
estimation of mineral reserves and resources and strategies, and
exchange rates and the expectations of the industry. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances [outside the
control of the Group. Forward-looking statements are not guarantees
of future performance and the development of the markets and the
industry in which the Group operates may differ materially from
those described in, or suggested by, any forward- looking
statements contained in this release. In addition, even if the
development of the markets and the industry in which the Group
operates are consistent with the forward looking statements
contained in this release, those developments may not be indicative
of developments in subsequent periods. A number of factors could
cause results and/or developments to differ materially from those
expressed or implied by the forward-looking statements including,
without limitation, general economic and business conditions,
demand, supply and prices for gold and other long-term commodity
price assumptions (and their effect on the timing and feasibility
of future projects and developments), trends in the gold mining
industry and conditions of the international gold markets,
competition, actions and activities of governmental authorities
(including changes in laws, regulations or taxation), currency
fluctuations (including as between the US Dollar and Rouble), the
Group's ability to recover its reserves or develop new reserves,
changes in its business strategy, any litigation, and political and
economic uncertainty. Except as required by applicable law, rule or
regulation (including the Listing and Disclosure Guidance and
Transparency Rules), the Group does not undertake any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Past
performance cannot be relied on as a guide to future performance.
The content of websites referred to in this announcement does not
form part of this announcement.
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END
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