Trading Update and Loan Agreement

 

TIDMTGT 
 
RNS Number : 3222A 
Target Resources Plc 
06 October 2009 
 

 
 
 
 
Target Resources plc ("Target" or the "Company") 
Trading Update and Loan Agreement 
 
 
Target Resources plc (AIM: TGT), the alluvial diamond and gold mining company 
operating in Sierra Leone, makes the following update to the market. 
 
In order to ensure the Company has sufficient cash resources to cover the 
Directors' anticipated costs and liabilities of the business to the end of 
October 2009, Nissim Levy and Yair Ziv, Managing Director and Finance Director 
of the Company respectively, have together and separately granted the Company a 
loan facility of up to $100,000 ("the Loan"), in addition to the amounts loaned 
in June 2009. 
 
 
The Loan, which may be drawn down in whole or in part, is unsecured, carries no 
interest and is repayable at the decision of the Directors of the Company. 
 
 
The Loan is classified as a transaction with a related party for the purposes of 
the AIM Rules. In accordance, therefore, with the AIM Rules, the Directors (with 
the exception of Mr Levy and Mr Ziv, being classed as related parties), having 
consulted with the Company's nominated adviser, Arbuthnot Securities Limited, 
consider that the terms of the Loan are fair and reasonable insofar as the 
Company's Shareholders are concerned 
 
 
 
 
 
 
- ENDS - 
Enquiries: 
 
 
Target Resources plc             020 7258 2300 
Yair Ziv, Finance Directorwww.target-resources.co.uk 
 
 
Nominated Adviser and Broker 
Arbuthnot Securities              020 7012 2000 
John Prior 
Ed Burbidge 
 
 
About Target 
 
 
  *  Target is an alluvial diamond mining and exploration company operating in Sierra 
  Leone. 
  *  Target is among the first large scale mining ventures to be established in 
  Sierra Leone since the end of the civil war in 2002. 
  *  The Company has 4,263 acres (17.25 Sq km) under mining leases in the rich 
  diamond and gold area of Kono, which is recognised as the most productive area 
  for diamond mining in Sierra Leone. 
  *  The Company has Exclusive Prospecting Licences for Gold, covering 520 sq km in 
  the Alluvial Gold area in the Tonkolili district and for Diamonds, covering 254 
  sq km in Kenema District, known for its 'fancy' diamonds. 
 
 
 
Target Resources Plc 
16th Floor,  Marble Arch Tower, 55 Bryanston Street London, W1H 7AA 
Tel [phone], Fax [phone] 
Email:  [e-mail] 
Web: www.target-resources.co.uk 
Registered in England and Wales, Company No 5566717 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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