REG-China Nonferrous Gold Limited Financial Update

China Nonferrous GoldAnnouncement

02/03/2021 13:25

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20210302:nBw2s3s7Pa&default-theme=true


Financial Update

 

China Nonferrous Gold Limited 中国有色黄金有限公司

(“CNG” or the “Company”)

Financial Update

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, is pleased to provide the following
update:

Repayment for part of loan with CNMC International Capitals Company Limited

The Company is pleased to announce it has repaid US$20m of its outstanding
loan with CNMC International Capitals Company Limited (“CNMC
International”) in accordance with its terms. The total loan facility with
CNMC International was US$90 million (the “Loan”) and accordingly US$70
million of the Loan is now outstanding. As set out in the announcement, dated
March 5 2018 repayment of this balance of US$70 million was due on or before
the end of December 2020.

The Company is currently in discussions to agree a formal extension of its
existing remaining debts facilities with CNMC International with a similar or
lower interest rate than the current facility, and the Directors believe this
will be achieved.

As CNMC International is an associate of China Nonferrous Metals International
Mining Co. Ltd (“CNMIM”) (the Company’s 38.36% shareholder) such an
extension would be a related party transaction pursuant to AIM Rule 13. This
would require an announcement which contains the information set out in
Schedule Four to the AIM Rules; the name of the related party concerned and
nature and extent of their interest in the transaction; and a statement that
the directors, having consulted with the Company’s Nominated Adviser,
consider that the terms of the transaction are fair and reasonable insofar as
the shareholders are concerned.

Further updates will be provided in due course.

Summary of Current Financial Position

At the current time, loans drawn down by the Company amount to c.
USD$328million, this includes US$99.55m of banking facilities (unaudited).

COVID 19 Update

The Company confirms that they have taken appropriate steps to ensure that
staff continue to be protected at site, and to date operations at the mine
site at Pakrut continue as normal, despite COVID 19. Further updates will be
provided if the situation changes.

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=52389144&newsitemid=20210302005698&lan=en-US&anchor=www.cnfgold.com&index=1&md5=34e5908f9606ac94c3ef2439d97c017f)
) or contact:

China Nonferrous Gold Limited

Zhang Hui, Managing Director

Tel: +86 10 8442 6662

WH Ireland Limited (NOMAD & Broker)

Katy Mitchell (mailto:Katy.Mitchell@whirelandcb.com) , James Sinclair-Ford

Tel: +44 (0)207 220 1666

Blytheweigh (PR)

Tim Blythe

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



View source version on businesswire.com:
https://www.businesswire.com/news/home/20210302005698/en/
(https://www.businesswire.com/news/home/20210302005698/en/)

China Nonferrous Gold Limited


Copyright Business Wire 2021