China Nonferrous Gold Extension of Loan Agreement with CNMC
November 24 2017 - 2:12AM
UK Regulatory
TIDMCNG
24 November 2017
China Nonferrous Gold Limited ??????????
("CNG" or the "Company")
Extension of Loan Agreement with CNMC
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.
Extension of the Loan Agreement with CNMC
As announced on 29 September 2017 in the interim results for the
Six-Month Period Ended 30 June 2017, the loan facility of USD$20
million ("CNMC Loan") is repayable on 26 November 2017.
The Company has signed a supplementary agreement with CNMC, an
associate of China Nonferrous Metals International Mining Co., Ltd
("CNMIM"), the Company's 38.36% shareholder, for the extension of
the CNMC Loan by one year to be repayable on 26 November 2018, with
all other terms remaining unchanged.
The Company continues to engage in discussions regarding a wider
refinancing of the business. As noted in the Company's interim
results for the Six-Month Period Ended 30 June 2017, a refinancing
is required in the near-term to repay the short term financing
announced on 29 September 2017 which is due in December 2017 and
January 2018.
Related Party Transaction
As CNMC is an associate of CNMIM, a substantial shareholder in
the Company, and pursuant to AIM Rule 13, the extension of the CNMC
Loan is deemed to be a related party transaction. The Company's
board of directors (excluding Wu Xiang, Yu Lixian and Zhang Hao,
who are appointees of CNMIM) considers, having consulted with CNG's
Nominated Adviser, Investec Bank plc, that the terms of the
extension of the CNMC Loan are fair and reasonable insofar as the
shareholders of CNG are concerned.
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, George Price
Tel: +44 (0)20 7597 4000
Beaufort Securities Limited
Jon Belliss
Tel: +44 (0)20 7382 8300
Blytheweigh
Tim Blythe, Camilla Horsfall
Tel: +44 (0)20 7138 3224
LEI: 213800N6OF4LUDO7WD52
2.2. Inside information
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November 24, 2017 02:12 ET (07:12 GMT)
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