Central Rand Gold Limited Loan Agreement and Industrial Action. (6671E)
10 May 2017 - 4:00PM
UK Regulatory
TIDMCRND
RNS Number : 6671E
Central Rand Gold Limited
10 May 2017
Central Rand Gold Limited
(Incorporated as a company with limited liability
under the laws of Guernsey,
Company Number 45108)
(Incorporated as an external company with limited
liability under the laws of South Africa,
Registration number 2007/019223/10)
ISIN: GG00B92NXM24
LSE share code: CRND JSE share code: CRD
("Central Rand Gold" or the "Company")
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Loan Agreement and Industrial Action.
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Loan Agreement
Further to the announcement dated 25 November 2016, regarding
"the Loan Agreement" with Mr. Jia Bang Wang, the Company wishes to
report that it has received a further tranche of US$250,000. The
Company is currently working with Mr. Wang to assist with the
release of the balance of the loan monies.
The board of directors are mindful of the Company's cash
position, which has been improved by the delivery of this tranche
of the loan, and will continue to exercise prudence in its
expenditure. The Company will update the market on progress of the
shipping, instalment and commissioning of the Concentrator Circuit
presently and will provide a further operational update in the
coming days.
Industrial Relations Update
The negotiation of annual wage increases has ended in a dead
lock, and the employees have embarked on industrial action in the
form of a strike. The Company and Union Officials have met at the
CCMA to resolve issues. To date, 10 May 2017, the Company has lost
5 days' production, as a direct result of the strike.
On 9 May 2017, the picketing rules have been signed at the CCMA,
thus allowing non-striking workers to return to work. The operation
will be run with skeleton staff in the interim.
For further information, please contact:
Central Rand Gold +27 (0) 87 310 4400
Lola Trollip
ZAI Corporate Finance Ltd - Nominated Adviser & Broker +44
(0) 20 7060 2220
John Treacy / Tim Cofman
Brandon Hill Capital Limited - Broker +44 (0) 20 3463 5000
Jonathan Evans / Wei Jiao
Merchantec Capital - JSE Sponsor +27 (0) 11 325 6363
Monique Martinez / Marcel Goncalves
Johannesburg
10(th) May 2017
The information communicated in this announcement is inside
information for the purposes of Article 7 of Market Abuse
Regulation 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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