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Financial Position
China Nonferrous Gold Limited 中国有色黄金有限公司
(“CNG” or the “Company”)
Financial Position
China Nonferrous Gold Limited 中国有色黄金有限公司 (AIM: CNG), the
mineral exploration and mining company currently mining the Pakrut gold
project in the Republic of Tajikistan, announces that it has received notice
from one of its creditors, CNMC International Capitals Company II Limited
(“CNMC International”) that the loan it had provided to CNG of US$60.74m
dated 12 July 2023 and which was due for renewal on 8 December 2023 (“The
New Outstanding Loan”), will not be extended. Instead CNMC International has
today demanded that CNG repay the New Outstanding Loan on time and without
delay; and furthermore, CNMC International has confirmed it does not intend to
provide any extension to this timetable.
At today’s date CNG has a cash balance of US$3.20m and loans of US$314m, all
of which is due for repayment within the next 12 months. The Company therefore
does not have sufficient cash available to pay the amounts requested nor do
the directors believe CNG has the ability to source additional funds in the
time frame set out by the demand.
Further announcements will be made as and when appropriate.
For further information please visit the Company’s website (www.cnfgold.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cnfgold.com&esheet=53873525&newsitemid=20231220479464&lan=en-US&anchor=www.cnfgold.com&index=1&md5=0608074183394f38714e14653b11dee7)
) or contact:
China Nonferrous Gold Limited
Feng Zhishuo, Managing Director
Tel: +86 10 8442 6627
WH Ireland Limited (NOMAD & Broker)
Katy Mitchell (mailto:Katy.Mitchell@whirelandcb.com) , Andrew de Andrade
Tel: +44 (0)207 220 1666
BlytheRay (PR)
Tim Blythe, Megan Ray
Tel: +44 (0)20 7138 3224
The information contained within this announcement is deemed by the Company to
constitute inside information under the Market Abuse Regulation (EU) No.
596/2014
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China Nonferrous Gold Limited
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