CHINA NONFERROUS GOLD: Financial Update
March 02 2021 - 8:22AM
UK Regulatory
TIDMCNG
China Nonferrous Gold Limited
("CNG" or the "Company")
Financial Update
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:
Repayment for part of loan with CNMC International Capitals
Company Limited
The Company is pleased to announce it has repaid US$20m of its
outstanding loan with CNMC International Capitals Company Limited
("CNMC International") in accordance with its terms. The total loan
facility with CNMC International was US$90 million (the "Loan") and
accordingly US$70 million of the Loan is now outstanding. As set
out in the announcement, dated March 5 2018 repayment of this
balance of US$70 million was due on or before the end of December
2020.
The Company is currently in discussions to agree a formal
extension of its existing remaining debts facilities with CNMC
International with a similar or lower interest rate than the
current facility, and the Directors believe this will be
achieved.
As CNMC International is an associate of China Nonferrous Metals
International Mining Co. Ltd ("CNMIM") (the Company's 38.36%
shareholder) such an extension would be a related party transaction
pursuant to AIM Rule 13. This would require an announcement which
contains the information set out in Schedule Four to the AIM Rules;
the name of the related party concerned and nature and extent of
their interest in the transaction; and a statement that the
directors, having consulted with the Company's Nominated Adviser,
consider that the terms of the transaction are fair and reasonable
insofar as the shareholders are concerned.
Further updates will be provided in due course.
Summary of Current Financial Position
At the current time, loans drawn down by the Company amount to
c. USD$328million, 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 continue to be protected at site, and to date
operations at the mine site 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/20210302005698/en/
CONTACT:
China Nonferrous Gold Limited
SOURCE: China Nonferrous Gold Limited
Copyright Business Wire 2021
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