China Nonferrous Gold Limited 中国有色黄金有限公司
(“CNG” or the “Company”)
Signature of the new loan agreement
China Nonferrous Gold Limited 中国有色黄金有限公司 (AIM: CNG), the exploration and mining company currently operating the Pakrut Gold Project in the Republic of Tajikistan, is pleased to provide the following update:
Bank facility of China CITIC Bank Corporation Limited (Zhuhai branch)
The Company today signed a foreign currency working capital loan agreement with China CITIC Bank Corporation Limited (Zhuhai Branch) (“CITIC”) for a loan facility of up to US$20 million (the “New CITIC loan”). This will be used to repay $20 million of the CNMC Trade loan with 3.25% annual interest on 3-month LIBOR, which was extended on March 26, 2021 and is repayable on November 26, 2022 (see March 26, 2021 announcement ). This loan was first executed on July 1, 2019.
The new CITIC loan facility is repayable over 12 months from the date of drawdown; and has an annual interest of 3.00% plus the average LIBOR rate for the previous 6 months.
The new CITIC loan was guaranteed (as a standalone agreement) by China Nonferrous Metal Mining (Group) Co., Ltd (“CNMC”) (the “Guarantee”) in 2021. The Guarantee will expire on January 26, 2023.
There are no arrangement fees payable to CITIC, nor fees payable to CNMC for providing the guarantee, for CNG.
Summary of the current financial situation
To date, excluding the new CITIC loan described above, the loans drawn by the Company amount to c. USD 319 million, including USD 99.55 million in bank facilities (unaudited).
For more information, please visit the company’s website (www.cnfgold.com) or contact:
China Nonferrous Gold Limited
Zhang Hui, general manager
Tel: +86 10 8442 6662
WH Ireland Limited (NOMAD and Broker)
Katy Mitchell, Andrew de Andrade
Tel: +44 (0)207 220 1666
Tel: +44 (0)20 7138 3224
The information contained in this press release is considered by the Company to be inside information within the meaning of the Market Abuse Regulation (EU) No. 596/2014.
Category Code: MSCH
Sequence number: 800600
Received time (offset from UTC): 20220406T114716+0100