CHINA NONFERROUS GOLD: Suspension of Trading
24 Novembre 2023 - 4:30PM
UK Regulatory
TIDMCNG
China Nonferrous Gold Limited
("CNG" or the "Company")
Financial Position
Suspension of Trading
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 it had provided to CNG of
US$20m dated 12 July 2023 and which is due for renewal on 26
November 2023 ("The New Outstanding Loan"), will not be extended.
Instead CNMC Trade has today demanded that CNG repay the New
Outstanding Loan on time and without delay; and furthermore CNMC
Trade has confirmed it does not intend to provide any extension to
this timetable.
At today's date CNG has a cash balance of US$3.68m and loans of
US$315m, of which US$241.15m including this loan is provided by
CNMC Trade and 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.
This call for the New Outstanding Loan is in addition to the
US$65m loan from CNMC Trade that was due for renewal on 7 September
2023 ("The First Outstanding Loan") but which by agreement between
the parties is currently not being called for repayment, see
announcement of that date.
In light of these circumstances, the Company's ordinary shares
have been suspended from trading on AIM with immediate effect
pending clarification of its financial position.
Further announcements will be made as and when appropriate.
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/20231124794847/en/
CONTACT:
China Nonferrous Gold Limited
SOURCE: China Nonferrous Gold Limited
Copyright Business Wire 2023
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November 24, 2023 10:30 ET (15:30 GMT)
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