TIDMCNG

China Nonferrous Gold Limited

("CNG" or the "Company")

Execution of New Loan Agreement

Update on COVID 19

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 update:

Banking Facility from China CITIC Bank Corporation Limited Zhuhai Branch

The Company has today executed an agreement with China CITIC Bank Corporation Limited (Zhuhai Branch) ("CITIC") for a loan facility of up to CNY Yen300 million (the "CITIC Loan") which is equivalent to US$46.37m at the current exchange rate. The CITIC Loan facility is for a maximum of 12 months and is repayable 12 months from first drawdown. The terms of the CITIC Loan includes an annual interest rate at 2.70% plus 6 month LIBOR.

Separately, it has been agreed (as a standalone agreement) that the full CNY Yen300 million of the CITIC Loan will be guaranteed by China Nonferrous Metal Mining (Group) Co.,Ltd ("CNMC") (the "Guarantee"). The Guarantee will expire 24 months from the date of first drawdown.

There are no arrangement fees payable to CITIC, nor any fees payable to CNMC for providing the guarantee, by CNG.

Approximately US$20m of the CITIC Loan is expected to be drawn down shortly and will be used for the replacement of CCB Macau loan of US $20m which is due in January 2021.

Summary of Current Financial Position

At the current time, excluding the loans outlined above, loans drawn down by the Company amount to c. USD$348 million, this includes US$99.55m of banking facilities (unaudited).

COVID 19 Update

The Company confirms that they have taken appropriate steps to ensure that staff at protected at site, and that to date operations at the minesite at Pakrut continue as normal, despite COVID 19. Further updates will be provided if the situation changes.

For further information please visit the Company's website (www.cnfgold.com) or contact:

China Nonferrous Gold Limited

Zhang Hui, Managing Director

Tel: +86 10 8442 6662

WH Ireland Limited (NOMAD & Broker)

Katy Mitchell, James Sinclair-Ford

Tel: +44 (0)207 220 1666

Blytheweigh (PR)

Tim Blythe

Tel: +44 (0)20 7138 3224

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

View source version on businesswire.com: https://www.businesswire.com/news/home/20210121006039/en/

 
    CONTACT:

China Nonferrous Gold Limited

 
    SOURCE: China Nonferrous Gold Limited 
Copyright Business Wire 2021

(END) Dow Jones Newswires

January 22, 2021 02:17 ET (07:17 GMT)

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