LONDON--(BUSINESS WIRE)--
China Nonferrous Gold Limited
("CNG" or the "Company")
Financial Position
Update
China Nonferrous Gold Limite (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$19.50m dated 12 July 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$220.65m announced on January 02 2024 and this new outstanding loan of US$19.50m, as well as the interests and the related cost. The total amount of the loans matured to be repaid to CNMC Trade is US$237.15m to date.
At today's date CNG has a cash balance of US$8.53m and loans of US$310m, most of which is outstanding and due for repayment immediately. 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.
Admission Update
The Company's ordinary shares were suspended from trading on AIM on 24 November 2023. Pursuant to AIM Rule 41 the Company's admission to trading will be cancelled when the ordinary shares have been suspended from trading for six months.
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
Katy Mitchell
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
Category Code: MSCH Sequence Number: 1225144 Time of Receipt (offset from UTC): 20240503T082604+0100Contacts
China Nonferrous Gold Limited
