Ncondezi Energy Limited US$582,000 Loan Facility Agreed - Amend (0707J)
June 23 2017 - 12:15PM
UK Regulatory
TIDMNCCL
RNS Number : 0707J
Ncondezi Energy Limited
23 June 2017
News Release
Correction
The following amendment has been made to the "US$582,000 Loan
Facility Agreed" announcement released on today at 07:00 under RNS
No 9556I.
Due to an administrative error, the Company included the
incorrect contact telephone number. The correct telephone number is
+27 71 362 3566.
All other details remain unchanged. The full amended text is
shown below.
US$582,000 Loan Facility Agreed
23 June 2017: Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM: NCCL) is pleased to announce that it has raised an
additional US$582,000 from existing lenders and senior management
to be used to fund the new partner search and to provide working
capital for the group.
Key Highlights:
-- US$ 350,000 loan committed from existing shareholder loan
holders, repayable at a multiple of 1.25x ("New Loan")
-- US$ 232,000 loan committed by Ncondezi senior management,
repayable at a multiple of 1.0x ("Employee Shareholder Loan")
-- Both loans will accede to the terms and conditions of the existing Shareholder Loan
-- The new loans provide funding to progress the new partner
search and repay outstanding invoices and salaries
-- New partner search progressing as planned with update expected in July 2017.
New Loan
On 16 May 2017, the Company announced that it had received
indications of interest for an additional US$350,000 shareholder
loan which has now been finalised. The financing has been committed
by the Chairman Michael Haworth (US$200,000) and other existing
long term shareholders ($150,000) and forms part of the existing
Shareholder Loan. The New Loan will receive a 1.25x return at its
maturity on 2 September 2017.
The New Loan provides the Company with sufficient funding to
progress the new partner search and cover working capital costs
until the beginning of September 2017.
Employee Shareholder Loan
As previously announced, the Company's senior management
deferred 50% of their salary between November 2016 and January
2017, and 100% of their salary since February 2017. The senior
management team have agreed to convert their deferred salaries into
the existing Shareholder Loan. The total amount to be converted
into the Shareholder Loan is $232,000, but will not attract any
interest and matures on 2 September 2017.
Project Update
The new partner search formally commenced in early June 2017 and
the Company is encouraged by the quality of the participants to
date, who represent a broad set of well-known international names
as well as proven regional players. The Company expects to provide
an update by the end of July 2017.
Whilst the initial results are encouraging, there can be no
certainty that the partner search process will be successful.
Full Year Results
The Company intends to release its Full Year Results for the
year ended 31 December 2016 on 30 June 2017, subject to Board
approval.
Enquiries
For further information please visit www.ncondezienergy.com or
contact:
Ncondezi Energy: Hanno Pengilly +27 71 362 3566
Liberum Capital
Limited: Neil Elliot / Richard +44 (0) 20 3100
NOMAD & Broker Crawley 2000
Note:
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service ("RIS"), this
inside information is now considered to be in the public domain. If
you have any queries on this, then please contact Hanno Pengilly,
Chief Development Officer of the Company (responsible for arranging
release of this announcement) on +44 (0) 20 7183 5402.
Ncondezi Energy owns 100% of the Ncondezi Project which is
strategically located in the power generating hub of the country,
the Tete Province in northern Mozambique. The Company is developing
an integrated thermal coal mine and power plant in phases of 300MW
up to 1,800MW. The first 300MW phase is targeting domestic
consumption in Mozambique using reinforced existing transmission
capacity to meet current demand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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