Share Name Share Symbol Market Type Share ISIN Share Description
CHINA NONFERROUS GOLD LIMITED NEX:CNG.GB NEX Ordinary Share KYG215771042
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 5.00p 3.00p 7.00p 5.40p 4.90p 5.00p 125,000 16:30:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - -

China Nonferrous Gold Financial Update

29/01/2019 9:21am

UK Regulatory (RNS & others)


CHINA NONFERROUS GOLD (NEX:CNG.GB)
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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 financial update.

 

Loan Facility from China Construction Bank Corporation Macau Branch

 

The Company has signed an agreement with China Construction Bank Corporation Macau Branch for a loan facility of up to US$20 million ("CCBC Loan"). The CCBC Loan is for a maximum of two years and repayable 24 months from first drawdown. The terms of the CCBC Loan include an annual interest rate of 1.2% plus 3 month LIBOR and it is governed by the law of Macau. The facility will be secured by a standby letter of credit ("SBLC") from China Construction Bank Corporation Beijing Branch for the aggregate amount of US$20,620,000, which expires 25 months from first drawdown. An SBLC fee of 0.85% per annum is payable.

 

The CCBC Loan is expected to be drawn down shortly and will be used for working capital in relation to the Pakrut gold mine operations.

 

In addition, the Company is in the final stages of agreeing a formal extension of its existing debt facilities from CNMC International Capitals Company Limited. These debt facilities, once finalised, will support the operational performance of CNG, which continues to be in line with management expectations. The finalisation and further details of the debt facilities, including terms, are expected to be announced in the near future.

 

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

 

China Nonferrous Gold Limited

 

Yu Lixian, Managing Director

 

Tel: +86 10 8442 6681

 

Investec Bank Plc

 

Jeremy Ellis, Alexander Ruffman Tel: +44 (0)20 7597 5970

 

Blytheweigh

 

Tim Blythe, Camilla Horsfall

 

Tel: +44 (0)20 7138 3224

 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20190129005377/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

January 29, 2019 04:21 ET (09:21 GMT)

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