CHINA NONFERROUS GOLD: Financial Position

TIDMCNG 
 
 

China Nonferrous Gold Limited

("CNG" or the "Company")

Financial Position

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 it has received notice from one of its creditors, CNMC International Capitals Company II Limited ("CNMC International") that the loan it had provided to CNG of US$60.74m dated 12 July 2023 and which was due for renewal on 8 December 2023 ("The New Outstanding Loan"), will not be extended. Instead CNMC International has today demanded that CNG repay the New Outstanding Loan on time and without delay; and furthermore, CNMC International has confirmed it does not intend to provide any extension to this timetable.

At today's date CNG has a cash balance of US$3.20m and loans of US$314m, all of which is due for repayment within the next 12 months. The Company therefore does not have sufficient cash available to pay the amounts requested nor do the directors believe CNG has the ability to source additional funds in the time frame set out by the demand.

Further announcements will be made as and when appropriate.

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

China Nonferrous Gold Limited

Feng Zhishuo, Managing Director

Tel: [phone]

WH Ireland Limited (NOMAD & Broker)

Katy Mitchell, Andrew de Andrade

Tel: [phone]

BlytheRay (PR)

Tim Blythe, Megan Ray

Tel: [phone]

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

View source version on businesswire.com: https://www.businesswire.com/news/home/20231220479464/en/

 
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China Nonferrous Gold Limited

 
    SOURCE: China Nonferrous Gold Limited 
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(END) Dow Jones Newswires

December 20, 2023 09:29 ET (14:29 GMT)