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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bellzone | LSE:BZM | London | Ordinary Share | JE00B3N0SJ29 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMBZM
RNS Number : 3408O
Bellzone Mining PLC
18 August 2017
18 August 2017
BELLZONE MINING PLC
("Bellzone" or "the Company")
Amendment to Hudson Loan Repayment Dates
Bellzone Mining plc (AIM: BZM) announces that Hudson Global Group Limited ("Hudson") has agreed to amend the Loan Agreements announced on 24 December 2015 and 28 December 2016 as follows:
(1) The repayment dates are extended from 31 March 2018 to 31 December 2018; and
(2) The non-default interest rate of the aggregate of five (5) percent and LIBOR shall continue to accrue in the period of amended Repayment Dates from 31 March 2018 to 31 December 2018.
Updated Loan Facilities
Following the announcement on 18 July 2017 of the amendment of the first loan from CS International (S) Pte Ltd, the Company and Hudson decided that full alignment of the terms for all of the Company's loan facilities would be in the best interest of both parties.
Hudson provided two loans in the principal amounts of US$6.5 million and US$4.0 million to fund the working capital of the Company in 2016 and 2017 respectively. The first Hudson loan was fully drawn down on 29 March 2017 and the first draw-down of the second Hudson loan was completed on 6 June 2017.
With immediate effect, all of Bellzone's loan facilities now have repayment dates reset to 31 December 2018 from 31 March 2018. The effective re-financing of its long-term liabilities provides the Company with additional operational visibility and enhances its range of strategic options.
Related Party Transactions
Hudson is a related party of the Company under the AIM Rules for Companies. Accordingly, the amendments are related party transactions under the AIM Rules for Companies. The Independent Directors of Bellzone, being Michael Farrow, Simon Brickles and Antony Gardner-Hillman consider, having consulted with its nominated adviser, WH Ireland Limited, that the terms of the transactions are fair and reasonable insofar as its shareholders are concerned.
Michael Farrow, Chairman, commented: "It is immensely important for Bellzone's future that there is continuing harmony between creditor and shareholder interests in the Company. Our major shareholder stepped in to provide significant financial support when equity market conditions were weak and the removal now of short-term overhang concerns should further enhance shareholders' confidence. The Board reiterates its gratitude for Hudson's unwavering support and we look forward to executing on our plans over the next 18 months."
Enquiries:
Bellzone Mining plc Simon Edwards +44 (0) 7767 492 712 WH Ireland Limited Nominated Adviser and Broker James Joyce / James Bavister +44 (0) 20 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAKPXFEKXEFF
(END) Dow Jones Newswires
August 18, 2017 02:19 ET (06:19 GMT)
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