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CNG.GB China Nonferrous Gold Limited

1.20
0.00 (0.00%)
- - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
China Nonferrous Gold Limited AQSE:CNG.GB Aquis Stock Exchange Ordinary Share KYG215771042 Ordinary Shares USD0.0001 DI
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.20 0.00 -
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

CHINA NONFERROUS GOLD: Extension to Loan Agreements

12/07/2023 9:20am

UK Regulatory


China Nonferrous Gold (AQSE:CNG.GB)
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From May 2023 to May 2024

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TIDMCNG 
 
 

China Nonferrous Gold Limited

 

("CNG" or the "Company")

 

Extension to Loan Agreements

 

Related Party Transaction

 

China Nonferrous Gold Limited (AIM: CNG), the mineral exploration and mining company currently mining the Pakrut gold project in the Republic of Tajikistan, announces that the Company has extended the repayment period for a series of loans that are in place with CNMC Trade Company Limited ("CNMC Trade") and CNMC International Capitals Company Limited ("CNMC International"). The loans being extended total US$238.39m (CNMC Trade: USD $177.65 million and CNMC International: USD $60.74 million) (together the "Loans")

 

At the date of this announcement, the Company has total debt facilities (all from connected parties and with no commercial banking facilities) of c. US$316m (unaudited).

 

Extension of CNMC Trade Loans

 

The current loans provided by CNMC Trade, which are to be extended and which were detailed in the announcement dated 26 March 2021 and 18 March 2022, are set out below. The Company has negotiated a lower interest rate than under the previous arrangement and the interest rate is now linked to SOFR instead of LIBOR, following LIBOR being discontinued. Other than the change to the interest rate and the extension to the term, no other changes have been made to any of the loan agreements:

   --  A loan of US$123.6m: -the Company has today signed an extension 
      agreement pursuant to which the repayment date for this loan has been 
      extended to 20 December 2023. The annual interest rate of the loan has 
      been amended to SOFR plus 0.936% (it was previously 3.25% over 3 month 
      LIBOR), and this new interest rate has been applied retrospectively from 
      16 March 2023. Interest will be payable on 31 March, 30 June, 30 
      September and 31 December each year; 
 
   --  A loan of US$20m: - the Company has today signed an extension agreement 
      pursuant to which the repayment date for this loan has been extended to 
      26 November 2023. The annual interest rate of the loan has been changed 
      to SOFR plus 0.936% (it was previously 3.25% over 3 month LIBOR), and 
      this new interest rate has been applied retrospectively from 16 March 
      2023. Interest will be payable on 31 March, 30 June, 30 September and 31 
      December each year; 
 
   --  A loan of US$14.55m: - the Company has today signed an extension 
      agreement pursuant to which the repayment date for this loan will be 
      extended to 31 December 2023. The annual interest rate of the loan has 
      been amended to SOFR plus 0.936% (it was previously 3.00%), and this new 
      interest rate has been applied retrospectively from 16 March 2023. 
      Interest will be payable on 31 March, 30 June, 30 September and 31 
      December each year; 
 
   --  A loan of US$19.50m: - the Company has today signed an extension 
      agreement pursuant to which the repayment date for this loan will be 
      extended to 19 April 2024.The annual interest rate of the loan has been 
      changed to SOFR plus 0.936% (it was previously 0.5% over 3 month LIBOR) 
      and this new interest rate has been applied retrospectively from 20 April 
      2023. Interest will be payable on 31 March, 30 June, 30 September and 31 
      December each year; 
 

Extension of Loans with CNMC International

 

In addition, the loan provided by CNMC International of US$60.74m, which has also been extended so that the repayment date for this loan is now 8 December 2023. The annual interest rate of the loan has been changed to SOFR plus 0.936% (it was previously 3.25% over 3 month LIBOR), and this new interest rate has been applied retrospectively from 16 March 2023. Interest will be payable on 31 March, 30 June, 30 September and 31 December each year. There have been no other changes to this loan arrangement.

 

Related Party Transaction

 

As CNMC Trade and CNMC International are wholly owned subsidiaries of China Nonferrous Metals Mining (Group)Co., Ltd which in turn is the parent company of China Nonferrous Metals Int'l Mining Co., Ltd ("CNMIM"), a substantial shareholder of the Company the extension of the CNMC Trade and CNMC International Loans are deemed to be related party transactions pursuant to AIM Rule 13 of the AIM Rules for Companies. The Company's Directors (excluding Yu Lixian, Feng Zhishuo and Wang Xiaohua, who are connected to CNMIM) consider, having consulted with CNG's Nominated Adviser, WH Ireland Limited, that the terms of the extension of the Loans are fair and reasonable insofar as the shareholders of CNG are concerned.

 

The Company continues to engage with commercial banking partners to explore a wider refinancing of the business and will update shareholders in due course.

 

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

 

China Nonferrous Gold Limited

 

Feng Zhishuo, Managing Director

 

Tel: +86 10 8442 6627

 

WH Ireland Limited (NOMAD & Broker)

 

Katy Mitchell, Andrew de Andrade

 

Tel: 0207 220 1666

 

BlytheRay (PR)

 

Tim Blythe, Megan Ray

 

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

 

Project Summary

 

The Pakrut gold project, of which CNG has 100 per cent ownership, is situated in Tajikistan approximately 120 km northeast of the capital city Dushanbe. Pakrut is located within the Tien Shan gold belt, which extends from Uzbekistan into Tajikistan, Kyrgyzstan and Western China, and which hosts a number of multi-million ounce gold deposits.

 

About Tajikistan

 

Tajikistan is a secular republic located in Central Asia. The country is a member of the Commonwealth of Independent States and the Shanghai Cooperation organization. Tajikistan hosts numerous operating precious metal mines as well as the largest aluminum smelter in Central Asia. CNG's management team has extensive experience in the mining industry in Tajikistan.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230712160247/en/

 
    CONTACT: 

China Nonferrous Gold Limited

 
    SOURCE: China Nonferrous Gold Limited 
Copyright Business Wire 2023 
 

(END) Dow Jones Newswires

July 12, 2023 04:20 ET (08:20 GMT)

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