Petropavlovsk PLC IRC Update (5108X)
August 10 2018 - 9:08AM
UK Regulatory
TIDMPOG
RNS Number : 5108X
Petropavlovsk PLC
10 August 2018
10 Aug 2018
Petropavlovsk PLC
IRC Update
Petropavlovsk PLC ("Petropavlovsk", or the "Company" and,
together with its subsidiaries, the "Group") notes the poll results
of the IRC Limited (IRC) Extraordinary General Meeting (EGM), held
in Hong Kong on 9 August 2018.
The meeting was held primarily to consider the receipt of a
c.US$30 million bridge loan provided by Petropavlovsk to IRC
(classed as a connected transaction), in order to assist IRC repay
its 20 June 2018 instalment under the US$340 million ICBC project
finance facility. As part of the agreement, IRC shall repay
Petropavlovsk the amount outstanding under the bridge loan,
together with the applicable interest, in one instalment on 20
October 2018.
All resolutions at the EGM were put to the vote by way of poll
and were approved by shareholders.
Please refer to the IRC website, http://www.ircgroup.com.hk, to
access the full release.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
About Petropavlovsk
Petropavlovsk has been producing gold in Russia since 1994 and
aims to become one of the leading Russian gold mining companies. As
at 31 March 2018, the Company had produced approximately 6.9Moz of
gold.
At this time, Petropavlovsk is in the construction phase of a
state of the art pressure oxidation facility to process the
Company's substantial refractory resource base. The Company's
combined 3,430km(2) license holding has untapped resource
potential. The Company is a leading employer and contributor to the
development of the local economy in the Amur region, Russian Far
East, where it has operated since 1994.
Petropavlovsk is a shareholder (31.1%) of IRC Limited and is the
guarantor of IRC's US$340 million project finance facility. IRC is
a vertically integrated iron ore producer and developer in the
Russian Far East and North-eastern China. IRC is listed on the Hong
Kong Stock Exchange (ticker: 1029.HK).
Petropavlovsk is listed on the Main Market of the London Stock
Exchange (ticker POG:LN).
Enquiries
For more information, please visit www.petropavlovsk.net and
www.ircgroup.com.hk or contact:
Petropavlovsk PLC Buchanan
Alya Samokhvalova Bobby Morse
Grace Hanratty Chris Judd
+44 (0) 20 7201 8900 +44 (0) 207 466 5000
TeamIR@petropavlovsk.net POG@buchanan.uk.com
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
UPDGMGMRFGVGRZM
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