We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.30 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 68.53M | -287.04M | -0.7507 | -0.02 | 4.97M |
TIDMCNG
5 March 2018
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 Agreement with CNMC International Capitals Company Limited
The Company is pleased to announce it has signed a financing arrangement with CNMC International Capitals Company Limited ("CNMC International"), an associate of China Nonferrous Metals International Mining Co., Ltd ("CNMIM"), the Company's 38.36% shareholder, for a total loan facility of US$90 million (the "Loan"). The Loan will be used to repay US$30 million of outstanding facilities with China Construction Bank Corporation Macau Branch ("CCB Macau"), US$30 million of outstanding facilities with CNMC International and also to fund the restoration of production. This will include the purchase of equipment, completion of the construction of the ventilation system, tailings pond and backfill station and working capital.
The CNMC Loan is valid for 3 years and shall be repayable on 8 February 2020.
The CNMC Loan incurs an annual fixed interest rate of 5.8% on the amount drawn down, interest is payable half-yearly/semi-annually in arrears. There is no penalty for pre-payment, however, in the event default an interest rate of 8.7% per annum will be applied on any overdue amount from the date on which it is due until the date on which it is repaid.
The US$30 million repayment to CCB Macau will be made immediately and the US$30 million repayment of facilities held with CNMC International will be made later in 2018.
The Company's gross debt outstanding as at the date of this announcement, before the repayments noted above, totals approximately US$364.2 million of which $175 million is repayable during 2018.
Taking account of the repayments noted above, the Company will owe a further $115 million by 31 December 2018. As previously announced certain of the Company's facilities are secured by a pledge over the Company's ownership of the Pakrut mine.
The Company expects to recommence production during the first half of 2018 and therefore to enable repayment of the existing facilities it will require a wider refinancing, as previously announced. Discussions are ongoing and with the signing of the Loan, the remaining discussions are expected to be concluded in advance of 31 December 2018 deadline, without this the Company would not be able to continue operations.
Yu Lixian, Managing Director of CNG, commented:
"Given the significant issues the Company encountered during early 2017 we have been, and continue to be, reliant on support from our major shareholder. We are grateful for the support and are working hard as a business to restore production and refinance our existing debt."
Related Party Transaction
CNMC International, is an associate of CNMIM, the Company's 38.36% shareholder, as a result, pursuant to AIM Rule 13, the entry into the Loan agreement is deemed to be a related party transaction. The Independent Directors of the Company namely Shi Xiuzhi and Li Yong consider, having consulted with CNG's Nominated Adviser, Investec Bank plc, that the terms of the 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
Investec Bank Plc
Jeremy Ellis, George Price
Tel: +44 (0)20 7597 4000
Blytheweigh
Tim Blythe, Camilla Horsfall
Tel: +44 (0)20 7138 3224
View source version on businesswire.com:http://www.businesswire.com/news/home/20180305005501/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
March 05, 2018 04:47 ET (09:47 GMT)
1 Year China Nonferrous Gold Chart |
1 Month China Nonferrous Gold Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions