Trading Update and Loan Agreement
06 October 2009 - 11:21PM
UK Regulatory
TIDMTGT
RNS Number : 3222A
Target Resources Plc
06 October 2009
Target Resources plc ("Target" or the "Company")
Trading Update and Loan Agreement
Target Resources plc (AIM: TGT), the alluvial diamond and gold mining company
operating in Sierra Leone, makes the following update to the market.
In order to ensure the Company has sufficient cash resources to cover the
Directors' anticipated costs and liabilities of the business to the end of
October 2009, Nissim Levy and Yair Ziv, Managing Director and Finance Director
of the Company respectively, have together and separately granted the Company a
loan facility of up to $100,000 ("the Loan"), in addition to the amounts loaned
in June 2009.
The Loan, which may be drawn down in whole or in part, is unsecured, carries no
interest and is repayable at the decision of the Directors of the Company.
The Loan is classified as a transaction with a related party for the purposes of
the AIM Rules. In accordance, therefore, with the AIM Rules, the Directors (with
the exception of Mr Levy and Mr Ziv, being classed as related parties), having
consulted with the Company's nominated adviser, Arbuthnot Securities Limited,
consider that the terms of the Loan are fair and reasonable insofar as the
Company's Shareholders are concerned
- ENDS -
Enquiries:
Target Resources plc 020 7258 2300
Yair Ziv, Finance Directorwww.target-resources.co.uk
Nominated Adviser and Broker
Arbuthnot Securities 020 7012 2000
John Prior
Ed Burbidge
About Target
* Target is an alluvial diamond mining and exploration company operating in Sierra
Leone.
* Target is among the first large scale mining ventures to be established in
Sierra Leone since the end of the civil war in 2002.
* The Company has 4,263 acres (17.25 Sq km) under mining leases in the rich
diamond and gold area of Kono, which is recognised as the most productive area
for diamond mining in Sierra Leone.
* The Company has Exclusive Prospecting Licences for Gold, covering 520 sq km in
the Alluvial Gold area in the Tonkolili district and for Diamonds, covering 254
sq km in Kenema District, known for its 'fancy' diamonds.
Target Resources Plc
16th Floor, Marble Arch Tower, 55 Bryanston Street London, W1H 7AA
Tel +44 (0)20 7258 2300, Fax +44 (0)20 7258 2321
Email: info@target-resources.co.uk
Web: www.target-resources.co.uk
Registered in England and Wales, Company No 5566717
This information is provided by RNS
The company news service from the London Stock Exchange
END
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