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Share Name Share Symbol Market Type Share ISIN Share Description
China Nonferrous Gold Limited LSE:CNG London Ordinary Share KYG215771042 ORD USD0.0001 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.35 -3.8% 8.85 8.50 9.20 9.00 8.90 9.00 105,581 16:35:22
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 37.1 -16.2 -4.3 - 34

CHINA NONFERROUS GOLD: Extension to Loan Agreement

15/07/2020 10:47am

UK Regulatory (RNS & others)


China Nonferrous Gold (LSE:CNG)
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TIDMCNG 
 
 

China Nonferrous Gold Limited

 

("CNG" or the "Company")

 

Extension to Loan Agreement

 

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 announce that the Company has extended the repayment period for Loans that in place with CNMC Trade Company Limited ("CNMC Trade"). The loans in place with CNMC Trade total USD $146.5 million.

 

The Company has total debt facilities (including banking facilities) of c. US$341m at this current time (unaudited).

 

As announced on 09 April 2020, the Company has been in discussions to agree a formal extension of its existing debts facilities with CNMC Trade, as the loans were due for repayment.

 

The current loans provided by CNMC Trade, which were also detailed in the announcement dated 1 July 2019, are set out below, along with the new repayment date. No other changes have been made to the loan agreements:

   -- A loan of US$120m. This was due to be repaid on 20 December 2019 but, in 
      support of the Company's business, conversations have been progressing to 
      agree an extension . It is now agreed that the repayment date for this 
      loan will be extended to 20 December 2020. Annual interest remains 
      unchanged (it is 3.7% over 6 month LIBOR). Interest will be payable on 30 
      June and 31 December each year; 
 
   -- A loan of US$6.5m. This was due to be repaid on 20 December 2019 but 
      which has been informally extended on a month by month basis. It is now 
      agreed that the repayment date for this loan will be extended to 20 
      December 2020. Annual interest remains unchanged (it is 3.7% over 6 month 
      LIBOR). Interest will be payable on 30 June and 31 December each year; 
 
   -- A loan of US$20m. This was due to be repaid on 26 November 2019. It has 
      been informally extended on a month by month basis. It is now agreed that 
      the repayment date for this loan will be extended to 26 November 2020. 
      Annual interest remains unchanged (it will be 3.7% over 6 month LIBOR). 
      Interest will be payable on 30 June and 31 December each year; 
 

CNMC Trade is a wholly owned subsidiary of China Nonferrous Metals Mining (Group)Co., Ltd ("CNMC Group"), a substantial shareholder in the Company.

 

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

 

Related Party Transaction

 

As CNMC Trade is a wholly owned subsidiary of CNMC Group, a substantial shareholder in the Company, the extension of the CNMC Loan is deemed to be a related party transaction pursuant to AIM Rule 13 of the AIM Rules for Companies. The Company's board of directors (excluding Liang Boyi, Yu Lixian and Feng Delin, who are appointees of CNMIM) considers, having consulted with CNG's Nominated Adviser,WH Ireland Limited, that the terms of the extension of the CNMC Loan are fair and reasonable insofar as the shareholders of CNG are concerned.

 

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

 

WH Ireland Limited (NOMAD & Broker)

 

Katy Mitchell, James Sinclair-Ford

 

Tel: 0207 220 1666

 

Blytheweigh (PR)

 

Tim Blythe, Camilla Horsfall

 

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.

 

CNG is currently continued full production despite COVID-19, and the operation of Pakrut gold mine is remaining stable overall and the key technical production figures were increased significantly.

 

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 Organisation. Tajikistan hosts numerous operating precious metal mines as well as the largest aluminium 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/20200715005392/en/

 
    CONTACT: 

China Nonferrous Gold Limited

 
    SOURCE: China Nonferrous Gold Limited 
Copyright Business Wire 2020 
 

(END) Dow Jones Newswires

July 15, 2020 05:47 ET (09:47 GMT)

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