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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cic Gold Grp | LSE:CICG | London | Ordinary Share | SC0665AHDJ29 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.425 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCICG
RNS Number : 7621T
CIC Gold Group Limited
31 March 2016
CIC Gold Group Limited
("CIC Gold" or the "Company")
CORPORATE UPDATE
CIC Gold (LSE: CICG) is pleased to provide the following general corporate update.
The Board
The Company is pleased to confirm the appointment, effective today, to the Board of Mr. Graham Fyfe, who is a Perth, Australia based Non-Executive Director with 25 years international experience in the mining sector with blue chip companies including Fluor, Rio Tinto, Murray & Roberts Engineering Solutions South Africa and De Beers. Mr. Fyfe has solid UK regulatory experience and his profile is detailed on the company's website.
Mr. Geoffrey Cowley has retired from the board to allow for the new technical director appointment with specific gold mine expertise. The company thanks Mr. Geoffrey Cowley for his service to the company and its shareholders and wish him well.
The Company expects in the near future to announce a further director appointment, which will complete the Board appointments following the Gobi Minerals acquisition.
HE Barsbold CEO commentated: "As we progress with significant gold company acquisitions; it is vital the company has a strong independent board based globally with expertise in key facets of the gold sector and the company's operations."
Working Capital
The Company's is pleased to advise it has secured a new convertible loan facility of HK$12,00,000 (Hong Kong dollars) from a Hong Kong based fund syndicate subject to the new board appointments and there are no outstanding regulatory issues. Should the loan be converted to common shares it will be at 2.00 UK pence per share with a full warrant. The Conversion can only be conducted by board resolution and that it does not impact on the listing rule requirements of 25% share holding in the European economic area countries. This will resolve the dependence of funding from one source, CIC Capital Fund Ltd. This funding will provide working capital for next 12 months for the expanded group following the Gobi Mineral aquisition.
Enquires
CIC Gold Group Limited YuanYuan Lv YuanYuan@CICGold.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
FONLLFISVDILVIR
(END) Dow Jones Newswires
March 31, 2016 10:09 ET (14:09 GMT)
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