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SRB Serabi Gold Plc

67.50
3.00 (4.65%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Serabi Gold Plc LSE:SRB London Ordinary Share GB00BG5NDX91 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  3.00 4.65% 67.50 67.00 68.00 67.50 64.50 64.50 153,855 12:35:15
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 58.71M -983k -0.0130 -51.92 51.12M

Serabi Gold plc Serabi Gold Plc: Extension Of Loan Term With Sprott Resource Lending Partnership

17/09/2018 7:00am

UK Regulatory


 
TIDMSRB 
 
 
   For immediate release 
 
   17 September 2018 
 
   Serabi Gold plc 
 
   ("Serabi" or the "Company") 
 
   Extension of loan term with Sprott Resource Lending Partnership 
("Sprott") 
 
   Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining 
and development company, is pleased to announce that the Company has 
agreed an extension to the repayment terms for a  US$3 million secured 
loan (the "Loan") with its existing lender, Sprott, that was taken out 
in January 2018. 
 
   Serabi and Sprott have agreed to extend the repayment terms of the Loan 
which will now have a maturity date of 30 June 2020 and will be repaid 
in 22 monthly instalments commencing on 30 September 2018.    The Loan 
originally had a maturity date of 30 September 2018. 
 
   Commenting on the announcement, Mike Hodgson, CEO of Serabi, said 
 
   "The issue of the trial mining licences for the Coringa project which we 
announced during August (see news release of 20 August 2018) has 
provided the Company with the opportunity to access and evaluate parts 
of the Serra orebody from underground earlier than we had originally 
anticipated. This will provide a better understanding of the orebody 
which will be hugely beneficial in the mine planning and design.  It 
means, however, that we will be incurring development costs earlier than 
we originally anticipated so extending the term of the US$3 million Loan 
provides the Company with the flexibility to fund this additional work." 
 
   In consideration for granting the extension, Serabi has agreed to issue 
to Sprott, 145,479 new ordinary shares of 10 pence each ("Ordinary 
Shares") at a price of 47.25 pence per share (representing a 10% 
discount to the closing price on 14 September 2018), equivalent to 
US$90,000.  The new Ordinary Shares will rank pari passu with the 
existing Ordinary Shares in issue.  Application has been made for the 
new Ordinary Shares to be admitted to trading on AIM on or around 21 
September 2018, and to be listed on the TSX. 
 
   Total Voting Rights 
 
   Following Admission, the Company's issued share capital will consist of 
58,909,551 Ordinary Shares with voting rights. The Company does not hold 
any Ordinary Shares in Treasury. Therefore, the total number of Ordinary 
Shares in the Company with voting rights is 58,909,551. 
 
   The above figure of 58,909,551 Ordinary Shares may be used by 
shareholders in the Company as the denominator for the calculations by 
which they will determine if they are required to notify their interest 
in, or a change to their interest in, the share capital of the Company 
under the Financial Conduct Authority's Disclosure Guidance and 
Transparency Rules. 
 
   This announcement is inside information for the purposes of Article 7 of 
Regulation 596/2014. 
 
   The person who arranged for the release of this announcement on behalf 
of the Company was Clive Line, Director. 
 
   Enquiries: 
 
 
 
 
Serabi Gold plc 
Michael Hodgson                Tel: +44 (0)20 7246 6830 
Chief Executive                Mobile: +44 (0)7799 473621 
 
Clive Line                     Tel: +44 (0)20 7246 6830 
Finance Director               Mobile: +44 (0)7710 151692 
 
Email: contact@serabigold.com 
----------------------------- 
Website: www.serabigold.com 
----------------------------- 
 
Beaumont Cornish Limited 
 Nominated Adviser and 
 Financial Adviser 
Roland Cornish                 Tel: +44 (0)20 7628 3396 
Michael Cornish                Tel: +44 (0)20 7628 3396 
 
Peel Hunt LLP 
 UK Broker 
Ross Allister                  Tel: +44 (0)20 7418 8900 
James Bavister                 Tel: +44 (0)20 7418 8900 
 
Blytheweigh 
 Public Relations 
Tim Blythe                     Tel: +44 (0)20 7138 3204 
Camilla Horsfall               Tel: +44 (0)20 7138 3224 
 
 
   Copies of this announcement are available from the Company's website at 
www.serabigold.com. 
 
   Neither the Toronto Stock Exchange, nor any other securities regulatory 
authority, has approved or disapproved of the contents of this 
announcement. 
 
   Qualified Persons Statement 
 
   The scientific and technical information contained within this 
announcement has been reviewed and approved by Michael Hodgson, a 
Director of the Company. Mr Hodgson is an Economic Geologist by training 
with over 26 years' experience in the mining industry. He holds a BSc 
(Hons) Geology, University of London, a MSc Mining Geology, University 
of Leicester and is a Fellow of the Institute of Materials, Minerals and 
Mining and a Chartered Engineer of the Engineering Council of UK, 
recognising him as both a Qualified Person for the purposes of Canadian 
National Instrument 43-101 and by the AIM Guidance Note on Mining and 
Oil & Gas Companies dated June 2009. 
 
   Forward Looking Statements 
 
   Certain statements in this announcement are, or may be deemed to be, 
forward looking statements. Forward looking statements are identi ed by 
their use of terms and phrases such as "believe", "could", "should" 
"envisage", "estimate", "intend", "may", "plan", "will" or 
the negative of those, variations or comparable expressions, including 
references to assumptions. These forward looking statements are not 
based on historical facts but rather on the Directors' current 
expectations and assumptions regarding the Company's future growth, 
results of operations, performance, future capital and other 
expenditures (including the amount, nature and sources of funding 
thereof), competitive advantages, business prospects and opportunities. 
Such forward looking statements re ect the Directors' current beliefs 
and assumptions and are based on information currently available to the 
Directors. A number of factors could cause actual results to differ 
materially from the results discussed in the forward looking statements 
including risks associated with vulnerability to general economic and 
business conditions, competition, environmental and other regulatory 
changes, actions by governmental authorities, the availability of 
capital markets, reliance on key personnel, uninsured and underinsured 
losses and other factors, many of which are beyond the control of the 
Company. Although any forward looking statements contained in this 
announcement are based upon what the Directors believe to be reasonable 
assumptions, the Company cannot assure investors that actual results 
will be consistent with such forward looking statements. 
 
   ENDS 
 
 
 
 

(END) Dow Jones Newswires

September 17, 2018 02:00 ET (06:00 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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