Renewal and amendment of US$2m loan facility
Updated : 11:52
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
10 December 2019
Goldplat plc
('Goldplat', the 'Group' or 'the Company')
Renewal and amendment of US$2m loan facility
Goldplat plc, the AIM quoted gold producer, with international gold recovery operations located in South Africa and Ghana and a gold mine in Kenya, is pleased to announce that its subsidiary, Gold Minerals Resources Limited ("GMR"), has amended and renewed a US$2 million uncommitted, on-demand, revolving pre-export loan facility (the "Loan Facility") with Scipion Active Trading Fund ("SATF") arranged by Scipion Capital Ltd ("Scipion"), first announced on 17 March 2017.
The loan facility is available for period of 360 days under the amended facility and the term can be extended, or the size increased, on mutual agreement of both parties. Interest is payable on amounts drawn under the loan facility at a rate equal to LIBOR plus a margin of 9.75 per cent per annum.
Security on the drawn amounts has been granted over Goldplat Recovery (Pty) Limited's ("GPL") tailings facility in South Africa, intercompany loan agreements, contracts and proceeds of sale with gold refiners, and the collection bank account operated by GMR for this purpose. The security is granted by GMR and other subsidiaries of Goldplat, with GPL and Goldplat Plc as guarantors.
The loan facility will mainly be used as a working capital facility to support sourcing initiatives in West Africa and South America.
Werner Klingenberg, CEO of Goldplat commented: "We have built a strong relationship with Scipion over the last few years and we are pleased with the way the facility has evolved with Scipion's understanding of our business. This should specifically give us further flexibility in our dealings in West Africa and South America going forward."
For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:
Werner Klingenberg | Goldplat plc (CEO) | Tel: +27 (0) 82 051 1071 |
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Colin Aaronson / Richard Tonthat / Ben AO Roberts | Grant Thornton UK LLP (Nominated Adviser) | Tel: +44 (0) 20 7383 5100 |
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James Joyce / Jessica Cave | WH Ireland Limited (Broker) | Tel: +44 (0) 207 220 1666 |
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