Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Capital Limited LSE:CAPD London Ordinary Share BMG022411000 COMM SHS USD0.0001 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.00 -1.43% 69.00 69.00 70.00 70.00 69.50 70.00 301,449 16:35:06
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 98.7 24.9 13.0 5.4 131

Capital Limited Sukari Contract Financing Update

08/01/2021 7:00am

UK Regulatory (RNS & others)


TIDMCAPD

RNS Number : 0450L

Capital Limited

08 January 2021

 
 For Immediate Release   08 January 2021 
 

Capital Limited

("Capital", the "Group" or the "Company")

Sukari Contract Financing Update

Capital (LSE: CAPD), a leading mining services company focused on the African markets is pleased to provide an update on the progress of financing and capex expenditure to support the waste mining and extended drilling services contracts at the Sukari Gold Mine, Egypt.

Equity proceeds from the recent share placing were received in late December 2020, facilitating further payments on major capital equipment items required for the contracts. Payments have now been significantly progressed for all major long lead equipment required for the contracts, including 17 CAT 785 dump trucks, seven blast hole drill rigs, three excavators, and all major ancillary support equipment including dozers, graders and water trucks. Additional trucks have recently arrived in Egypt, supplementing the initial truck fleet that arrived during Q4 2020.

We are also pleased to advise that we have made substantial progress on several of the debt facilities contemplated in the capital raising prospectus (dated 4 December 2020) including:

-- Executing the US$2.6 million vendor finance agreement with Epiroc with full draw down against the purchase of three new blast hole rigs;

-- Fully drawing down on the remaining tranches of the US$10 million Macquarie facility following finalisation of the Sukari contracts and security registration in Egypt; and

-- The committed and available vendor finance facility with Sandvik for US$8.5 million is expected to be utilised over the course of the first quarter against the purchase of four new blast hole rigs.

Discussions are advancing with lenders on additional facilities designed to provide the Group with balance sheet flexibility for further growth, with the capital requirements for the Sukari contracts now met.

Capital will provide further updates as the project continues to advance.

Commenting on the Sukari financing progress, Jamie Boyton, Executive Chairman, said:

'We are very pleased to confirm the completion of key intended debt financing facilities for the Sukari contracts which have enabled the payments for all major equipment purchases to be finalised. Together with the proceeds from the recent successful equity raise, t he crystallisation of these debt facilities positions us strongly for this contract. It is also pleasing to note that site activity is also progressing well with the continued expansion of our extensive on-site facilities, further asset arrivals and the recruitment of key personnel to prepare for the commencement of preliminary mining activity in late Q1 as planned.'

- ENDS -

For further information, please visit Capital Limited's website www.capdrill.com or contact:

   Capital Limited                                                                     +230 464 3250 
   Jamie Boyton, Executive Chairman                                   investor@capdrill.com 

André Koekemoer, Chief Financial Officer

Rick Robson, Executive - Corporate Development

Berenberg +44 20 3207 7800

Matthew Armitt

Jennifer Wyllie

Detlir Elezi

   Tamesis Partners LLP                                                          +44 20 3882 2868 

Charlie Bendon

Richard Greenfield

Buchanan +44 20 7466 5000

Bobby Morse capital@buchanan.uk.com

Kelsey Traynor

James Husband

About Capital Limited

Capital Limited is a leading mining services company providing a complete range of drilling, mining, maintenance and geochemical laboratory solutions to customers within the global minerals industry, focusing on the African markets. The Company's services include: exploration, delineation and production drilling; load and haul services; mining equipment hire and maintenance; and geochemical analysis. The Group's corporate headquarters are in Mauritius and it has established operations in Botswana, Burkina Faso, Côte d'Ivoire, Egypt, Guinea, Mali, Mauritania, Nigeria, Saudi Arabia and Tanzania.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDUPURWGUPGUQR

(END) Dow Jones Newswires

January 08, 2021 02:00 ET (07:00 GMT)

1 Year Capital Chart

1 Year Capital Chart

1 Month Capital Chart

1 Month Capital Chart
ADVFN Advertorial
Your Recent History
LSE
CAPD
Capital
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20210422 18:24:32