CHINA NONFERROUS GOLD: Financial Position
07 Septembre 2023 - 6:15PM
UK Regulatory
TIDMCNG
China Nonferrous Gold Limited
("CNG" or the "Company")
Financial Position
China Nonferrous Gold Limited (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 Trade Company
Limited ("CNMC Trade"), that the loan of US$65m that CNMC Trade
provided CNG on 6 June 2023 ("First Loan"), which is now due for
renewal, will not be extended. The associated interest amounts to
US$987,815.25 to date.
CNMC Trade has requested that CNG prepare a repayment plan for
approval. CNMC Trade have also given notice that it is reserving
all rights to pursue legal action to recover the sums due under the
First Loan, although it advises that it will give at least 7 days'
notice of any intention to do so.
At today's date CNG has a cash balance of US$4.96m and loans of
US$316m, of which US$242.65m including this loan is provided by
CNMC Trade and is due for repayment within the next 12 months.
The call for the repayment of the loan does not impact the
underlying operations at the Pakrut mine, which will continue as
normal.
The Company's ability to continue as a going concern is reliant
on the continued forbearance of CNMC Trade. Should the Company and
CNMC Trade be unable to agree an acceptably phased repayment
schedule and/or the Company be unable to refinance the loan then it
is likely that the Company may need to be wound up.
The Directors of the Company will work with CNMC Trade to
consider their options and further updates will be provided in due
course.
For further information please visit the Company's website
(www.cnfgold.com) or contact:
China Nonferrous Gold Limited
Feng Zhishuo, Managing Director
Tel: +86 10 8442 6627
WH Ireland Limited (NOMAD & Broker)
Katy Mitchell, 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
View source version on businesswire.com:
https://www.businesswire.com/news/home/20230907120349/en/
CONTACT:
China Nonferrous Gold Limited
SOURCE: China Nonferrous Gold Limited
Copyright Business Wire 2023
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September 07, 2023 12:15 ET (16:15 GMT)
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