Altyn Plc Funding Update
20 March 2019 - 1:37AM
UK Regulatory
TIDMALTN
19 March 2019
Altyn Plc
("Altyn" or the "Company")
Funding update
Since the last funding update the management have been working
to obtain the necessary funds to provide the investment capital to
increase production. After conducting detailed and lengthy due
diligence and exploring a number of possibilities either, the
timing, terms of the repayments or other factors resulted in the
funds ultimately not being taken up.
The Company is pleased to announce that it has now reached an
agreement with Kazakh bank, JSC "Bank CenterCredit" (BCC), and as a
first step has entered into an unsecured loan agreement for a sum
of KZT 350m (approximately USD 950,000) to Altyn's subsidiary
company "Altyn MM LLP" that owns and operates the processing plant
at the Sekisovskoye gold deposit.
The Company is in advanced talks with BCC for the provision of a
larger amount of funding. Shareholders will be updated as
negotiations progress.
In the meantime, Altyn's major shareholder, African Resources
Limited, has committed to provide an additional 400m KZT (USD 1.1m)
unsecured loan towards the acquisition of underground mining
machinery. The Company is pleased with African Resources Limited's
continued support for the Company with the aim of boosting
production further.
Further Information:
For further information please contact:
Altyn Plc
Rajinder Basra
+44 (0) 207 932 2456
VSA Capital Limited
Andrew Monk/Andrew Raca +44 (0) 20 3005 5000
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.
Information on the Company
Altyn Plc (LSE:ALTN) is a gold-mining exploration and
development company, which is listed on the main board, standard
segment of the London Stock Exchange.
To read more about Altyn Plc please visit our website
www.altyn.uk
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190319005601/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
March 19, 2019 10:37 ET (14:37 GMT)
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