Cradle Arc PLC US$2m Loan Facility Completed (6264E)
19 Octobre 2018 - 12:17PM
UK Regulatory
TIDMCRA
RNS Number : 6264E
Cradle Arc PLC
19 October 2018
Cradle Arc plc / EPIC: CRA.L / Market: AIM / Sector: Mining
19 October 2018
Cradle Arc plc
("Cradle Arc" or the "Company")
US$2m Loan Facility Completed
Cradle Arc (AIM: CRA), the African focused base and precious
metals exploration and production company, is pleased to announce,
further to its announcement of 8 October 2018, the completion of
the restructuring of certain obligations by Leboam Holdings (Pty)
Limited ("Leboam") to ZCI Limited and Messina Copper Botswana (PTY)
Limited - In Liquidation, thereby enabling the successful
conclusion of the Debt Sale Agreement (as referred to therein)
between PenMin Botswana Proprietary Limited ("PenMin") and Fujax
Minerals and Energy Limited. Accordingly, the loan facility of US$2
million from PenMin, Cradle Arc's largest shareholder, has now been
finalised and the funds made available to Leboam.
The loan facility provides Cradle Arc's operating company,
Leboam, with sufficient funding to establish an enhanced inventory
of key spare parts and improve and rehabilitate the current
processing facilities at Mowana and thereby address the
intermittent breakdowns and interruptions that were the key reason
for the Company's inability to meet its production targets during
Q3 2018.
**ENDS**
For further information on the Company, please visit
www.cradlearc.com or contact:
Cradle Arc plc Tel: +44 (0)20 7637 5216
Kevin van Wouw
Mark Jones
Strand Hanson Limited Tel: +44 (0)20 7409 3494
James Spinney
Matthew Chandler
James Dance
SP Angel Corporate Finance Tel: +44 (0)20 3470 0470
LLP
Ewan Leggat
John Meyer
Tavistock Communications Limited Tel: +44 (0)20 7920 3150
Charles Vivian
Gareth Tredway
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
About Cradle Arc
AIM-quoted Cradle Arc plc is the 60 per cent. owner of the
Mowana copper mine in Botswana, an operational open pit mine and
processing facility located in the north-east of the country,
approximately 120 km northwest of Francistown.
The Company has an independent open pit ore reserve estimate
(Proved and Probable JORC 2012) of 31.8 Mt at 1.17% Cu for 370,800
tonnes contained copper, based on a Dense Media Separation (DMS)
mine plan.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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October 19, 2018 06:17 ET (10:17 GMT)
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