Ohio Bond Facility Update
03 February 2009 - 6:00PM
UK Regulatory
TIDMZOX
RNS Number : 6703M
ZincOx Resources PLC
03 February 2009
ZincOx Resources Plc
("ZincOx" or "the Company")
Ohio Bond Facility Update
In July 2008 Zincox entered into a US$48 million three-year bond facility ("the
Bond Facility") for the purpose of part-funding the Company's Ohio Recycling
Project. The terms of the Bond Facility were given in the Company's announcement
on 13 June 2008.
The Company has been examining various ways to optimise the scheduling of its
cash deployment and to reduce costs, so as to conserve its cash position as it
develops its first recycling project in the USA. These options would not require
a draw down of the full Bond Facility and following an approach from two of the
holders, the Company has agreed to receive US$1.1 million from these holders in
consideration for the cancellation of US$11 million part of the Bond Facility,
which has now been reduced to US$37m.
Following the recent receipt of the deferred payment in respect of the
Shaimerden Mine for 2008, the company also holds approximately GBP62 million in
cash.
The Chairman, Andrew Woollett says: "We continue actively to progress our plans
for the recycling of steel industry waste in the USA but in parallel, we are
always seeking to reduce costs and conserve our cash position, particularly in
these very turbulent market conditions."
For more information please contact:
Andrew Woollett, ZincOx Resources plc
Tel: +44 (0) 1276 450100
John Harrison (Nominated Adviser)
James Black (Corporate Broker)
Numis Securities
Tel: +44 (0) 20 7260 1000
Charlie Geller, Conduit PR
Tel (Direct) : +44 (0) 20 7429 6604
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCVLLFBKLBLBBZ
Zincox (LSE:ZOX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Zincox (LSE:ZOX)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Zincox Res. (London Stock Exchange): 0 recent articles
More ZincOx Resources Plc News Articles