Weatherly International PLC Statement RE: Suspension of Shares (1107F)
February 17 2015 - 5:40AM
UK Regulatory
TIDMWTI
RNS Number : 1107F
Weatherly International PLC
17 February 2015
17 February 2015
Weatherly International Plc
("Weatherly" or "the Company")
Statement RE: Suspension of Shares
Weatherly announces that, in accordance with market
expectations, the first copper cathode was produced from the
Tschudi Project's electrowinning circuit yesterday.
Whilst copper cathode has been produced in accordance with the
project schedule, there are a number of operational and technical
issues relating to initial recovery of copper from the heap leach
pads, which requires the Company to undertake further investigative
work and evaluate these results. These are being assessed for their
potential to affect the performance of the project.
The Company is in the process of investigating these issues and
will also be discussing them with Orion Mine Finance, its project
lender, who has a secured loan over the Tschudi Project.
Subject to the results of the investigative work, the Company
will be defining a course of action, in conjunction with the
Company's project lender whose consent is required under the terms
of the Company's financing arrangement, and accordingly the
Company's current financial position is subject to significant
uncertainty.
A further announcement will be made in due course but for the
reasons above the Directors have requested the suspension from
trading of the shares on the AIM Market, which was effective from
13:35 on 16 February 2015. The Company's shares will remain
suspended in the interim.
For further information please contact:
Weatherly International Plc +44 (0) 20 7917 2989
Rod Webster, CEO
Kevin Ellis, CFO & Company Secretary
RFC Ambrian Limited +44 (0) 20 3440 6800
(Nominated Adviser & Broker)
Samantha Harrison
Finncap +44(0)2072200514
(Joint Broker)
Joanna Weaving
Blytheweigh +44(0)2071383204
(Financial PR)
Tim Blythe / Halimah Hussain / Megan Ray
This information is provided by RNS
The company news service from the London Stock Exchange
END
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