CHINA NONFERROUS GOLD: Financial Position
03 Janvier 2024 - 11:04AM
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 it had provided to CNG of
US$14.55m dated 12 July 2023 and which was due for renewal on 31
December 2023 ("The New Outstanding Loan"), will not be extended.
Instead CNMC Trade has today demanded that CNG repay the New
Outstanding Loan immediately without delay; and furthermore, CNMC
Trade has confirmed it does not intend to provide any extension to
this timetable.
In addition, CNMC Trade also demanded today that CNG immediately
repay the previous outstanding loan, which was US$206.10m announced
on December 22 2023 and this new outstanding loan of US$14.55m, as
well as the interests and the related cost. The total amount of the
loans matured to be repaid to CNMC Trade is US$220.65m to date.
At today's date CNG has a cash balance of US$3.79m 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. Accordingly, the Directors are now liaising
with CNMC Trade to discuss a way forward for the Company.
Further updates will be provided in due course as
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/20240103080175/en/
CONTACT:
China Nonferrous Gold Limited
SOURCE: China Nonferrous Gold Limited
Copyright Business Wire 2024
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January 03, 2024 05:04 ET (10:04 GMT)
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