CHINA NONFERROUS GOLD: Financial Position
22 December 2023 - 8:57PM
UK Regulatory
TIDMCNG
China Nonferrous Gold Limited
("CNG" or the "Company")
Financial Position
China Nonferrous Gold Limited (AIM: CNG), the mineral
exploration and mining company currently mining the Pakrut gold
project in the Republic of Tajikistan, announces that it has
received notice from one of its creditors, CNMC Trade Company
Limited ("CNMC Trade") that the loan it had provided to CNG of
US$121.10m dated 12 July 2023 and which was due for renewal on 20
December 2023 ("The New Outstanding Loan"), will not be extended.
Instead CNMC Trade has today demanded that CNG repay the New
Outstanding Loan immediately without delay; and furthermore, CNMC
Trade has confirmed it does not intend to provide any extension to
this timetable.
In addition, CNMC Trade also demanded today that CNG immediately
repay the previous outstanding loans, which was US$65m announced on
September 6, 2023 and US$20m on November 24, 2023. The total amount
of the loans matured to be repaid to CNMC Trade is US$ 206.10m to
date.
At today's date CNG has a cash balance of US$3.20m and loans of
US$314m, all of which is due for repayment within the next 12
months. The Company therefore does not have sufficient cash
available to pay the amounts requested nor do the directors believe
CNG has the ability to source additional funds in the time frame
set out by the demand.
Further announcements will be made as and when appropriate.
For further information please visit the Company's website
(www.cnfgold.com) or contact:
China Nonferrous Gold Limited
Feng Zhishuo, Managing Director
Tel: +86 10 8442 6627
WH Ireland Limited (NOMAD & Broker)
Katy Mitchell, Andrew de Andrade
Tel: +44 (0)207 220 1666
BlytheRay (PR)
Tim Blythe, Megan Ray
Tel: +44 (0)20 7138 3224
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014
View source version on businesswire.com:
https://www.businesswire.com/news/home/20231222091224/en/
CONTACT:
China Nonferrous Gold Limited
SOURCE: China Nonferrous Gold Limited
Copyright Business Wire 2023
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