Bellzone Mining PLC Amendment to Loan Repayment Date (3081L)
18 July 2017 - 4:00PM
UK Regulatory
TIDMBZM
RNS Number : 3081L
Bellzone Mining PLC
18 July 2017
BELLZONE MINING PLC
("Bellzone" or "the Company")
Amendment to Loan Repayment Date
Bellzone Mining plc (AIM: BZM) announces that CS International
(S) Pte Ltd (previously China Sonangol International (S) Pte
Limited) ("China Sonangol") has agreed to amend the Loan Agreement
dated 18 August 2014 (as previously amended by written agreement on
28 January 2015, 4 March 2015, 17 December 2015 and 8 December
2016) as follows:
(1) The Repayment Date extended from 31 March 2018 to 31
December 2018; and
(2) The non-default Interest rate of the aggregate of five (5)
percent and LIBOR shall continue to accrue in the period of amended
Repayment Date from 31 March 2018 to 31 December 2018.
Loan Facilities with China Sonangol and Hudson Global
The amended Loan Agreement is with respect to the loan financing
provided by China Sonangol to the Company in 2014 and 2015,
totalling a principal amount of US$10.2 million, which was fully
drawn down in 2015.
Hudson Global Group Limited ("Hudson") provided two further
loans in the principal amount of US$6.5 million and US$4.0 million
in 2016 and 2017 respectively. The first Hudson loan was fully
drawn down on 29 March 2017, and the first draw-down of the second
Hudson loan was completed on 6 June 2017. Both Hudson loans remain
to be repaid by 31 March 2018. The Company intends to initiate
discussion with Hudson at the appropriate time whether any
amendments to either and/or both loan agreements will be in the
best interest of both parties.
Related Party Transaction
China Sonangol is an associated company of Hudson under the AIM
Rules for Companies. As Hudson is a substantial shareholder in the
Company, the amendment is a related party transaction under the AIM
Rules for Companies.
The Independent Directors of Bellzone, being Michael Farrow,
Simon Brickles and Antony Gardner-Hillman consider, having
consulted with its nominated adviser, WH Ireland Limited, that the
terms of the transaction are fair and reasonable insofar as its
shareholders are concerned.
Michael Farrow, Chairman, commented: "Once again, China Sonangol
has demonstrated its strong support for Bellzone and its desire for
the Company to succeed into the long term. The Company is immensely
grateful for this timely reaffirmation of China Sonangol's
longstanding commitment."
Enquiries:
Bellzone Mining plc
Simon Edwards +44 (0) 7767 492 712
WH Ireland Limited
Nominated Adviser and
Broker
James Joyce / James Bavister +44 (0) 20 7220 1666
Bell Pottinger
Financial Public and Investor
Relations
Victoria Geoghegan / Liz
Morley +44 (0) 20 3772 2500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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