China Nonferrous Gold Financial Update
29 January 2019 - 8:21PM
UK Regulatory
TIDMCNG
China Nonferrous Gold Limited ??????????
("CNG" or the "Company")
Financial Update
China Nonferrous Gold Limited ?????????? (AIM: CNG), the mineral
exploration and mining company currently mining the Pakrut gold
project in the Republic of Tajikistan, is pleased to provide the
following financial update.
Loan Facility from China Construction Bank Corporation Macau
Branch
The Company has signed an agreement with China Construction Bank
Corporation Macau Branch for a loan facility of up to US$20 million
("CCBC Loan"). The CCBC Loan is for a maximum of two years and
repayable 24 months from first drawdown. The terms of the CCBC Loan
include an annual interest rate of 1.2% plus 3 month LIBOR and it
is governed by the law of Macau. The facility will be secured by a
standby letter of credit ("SBLC") from China Construction Bank
Corporation Beijing Branch for the aggregate amount of
US$20,620,000, which expires 25 months from first drawdown. An SBLC
fee of 0.85% per annum is payable.
The CCBC Loan is expected to be drawn down shortly and will be
used for working capital in relation to the Pakrut gold mine
operations.
In addition, the Company is in the final stages of agreeing a
formal extension of its existing debt facilities from CNMC
International Capitals Company Limited. These debt facilities, once
finalised, will support the operational performance of CNG, which
continues to be in line with management expectations. The
finalisation and further details of the debt facilities, including
terms, are expected to be announced in the near future.
For further information please visit the Company's website
(www.cnfgold.com) or contact:
China Nonferrous Gold Limited
Yu Lixian, Managing Director
Tel: +86 10 8442 6681
Investec Bank Plc
Jeremy Ellis, Alexander Ruffman Tel: +44 (0)20 7597 5970
Blytheweigh
Tim Blythe, Camilla Horsfall
Tel: +44 (0)20 7138 3224
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190129005377/en/
This information is provided by Business Wire
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