🕐15.10.10 - 11:54 Uhr
Gold Mining Company Ltd - Provision of Loan Facility to Kibe Investments in Line with Acquisition of Exploration Licences in Austria
Gold Mining Company Limited / EPIC: GML.P / Sector: Natural Resources
15 October 2010
Gold Mining Company Limited (‘GMC’ or the ‘Company’)
Provision of Loan Facility to Kibe Investments No2 Limited
Gold Mining Company Ltd, established to make strategic investments primarily in gold and gold related entities, announces that it has signed a revised loan facility agreement altering the terms of the loan referred to in the announcement made on 23 August 2010.
The revised agreement with Kibe Investments No2 Limited (‘Kibe’) now states the Company will provide a loan facility of €275,000 (‘the Loan’).
The Loan is part of the Heads of Terms Agreement (‘the Agreement’), details of which are set out in the said previous announcement.
The acquisition is part of GMC’s strategy of building a diverse portfolio of gold assets at varying stages of development to maximise value for shareholders.
Kibe has, at the date of this announcement, drawn down €150,000 which will be used in connection with the acquisition of exploration licences in Austria.
Under the terms of the loan facility agreement, the Loan will either be deducted from GMC’s cash consideration upon completion of the Agreement and GMC’s subsequent listing on AIM or, in the event that the Agreement is terminated by either party or a successful conclusion is not reached.
The Loan accrues 9 per cent.
interest and will be subject to repayment in full by the 31 March 2011.
Developments regarding the Agreement are progressing well and the GMC Board will update shareholders in due course.
**ENDS**
For further information please visit www.goldminingcompany.co.uk or contact:
Greg Kuenzel
Gold Mining Company Ltd
Tel: 020 3006 0260
Gerard Thompson
City & Westminster Corporate Finance LLP
Tel: 020 7766 0080
Hugo de Salis
St Brides Media & Finance Ltd
Tel: 020 7236 1177
Elisabeth Cowell
St Brides Media & Finance Ltd
Tel: 020 7236 1177
Elisabeth Cowell
St Brides Media & Finance Ltd
Chaucer House
38 Bow Lane
London EC4M 9AY
T: +44 (0) 207 236 1177 | M: +44 (0) 7769 658 654 | F: +44 (0) 207 236 1188 | www.sbmf.co.uk
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