CHINA NONFERROUS GOLD: Financial Update

TIDMCNG 
 
 

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 update:

Repayment for part of loan with CNMC International Capitals Company Limited

The Company is pleased to announce it has repaid US$20m of its outstanding loan with CNMC International Capitals Company Limited ("CNMC International") in accordance with its terms. The total loan facility with CNMC International was US$90 million (the "Loan") and accordingly US$70 million of the Loan is now outstanding. As set out in the announcement, dated March 5 2018 repayment of this balance of US$70 million was due on or before the end of December 2020.

The Company is currently in discussions to agree a formal extension of its existing remaining debts facilities with CNMC International with a similar or lower interest rate than the current facility, and the Directors believe this will be achieved.

As CNMC International is an associate of China Nonferrous Metals International Mining Co. Ltd ("CNMIM") (the Company's 38.36% shareholder) such an extension would be a related party transaction pursuant to AIM Rule 13. This would require an announcement which contains the information set out in Schedule Four to the AIM Rules; the name of the related party concerned and nature and extent of their interest in the transaction; and a statement that the directors, having consulted with the Company's Nominated Adviser, consider that the terms of the transaction are fair and reasonable insofar as the shareholders are concerned.

Further updates will be provided in due course.

Summary of Current Financial Position

At the current time, loans drawn down by the Company amount to c. USD$328million, this includes US$99.55m of banking facilities (unaudited).

COVID 19 Update

The Company confirms that they have taken appropriate steps to ensure that staff continue to be protected at site, and to date operations at the mine site at Pakrut continue as normal, despite COVID 19. Further updates will be provided if the situation changes.

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

China Nonferrous Gold Limited

Zhang Hui, Managing Director

Tel: [phone]

WH Ireland Limited (NOMAD & Broker)

Katy Mitchell, James Sinclair-Ford

Tel: [phone]

Blytheweigh (PR)

Tim Blythe

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/20210302005698/en/

 
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China Nonferrous Gold Limited

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

March 02, 2021 08:22 ET (13:22 GMT)