Company Announcement: Repayment of $5m Debt Facility
Sumatra Copper & Gold plc is pleased to announce that it has repaid a $5 million debt finance facility with Macquarie Bank Limited after completing the recently announced Placement of 38 million CDI’s at 22 cents per share to raise A$8.36 million. The Placement was underpinned by the Company’s major shareholder and cornerstone investor, respected Indonesian investment group Provident Minerals Pte Ltd, as part of a broader debt & equity funding package of up to A$63 million announced last month for its flagship Tembang Gold-Silver Project in Sumatra, Indonesia.
Provident Minerals subscribed for 11.4 million CDI’s in the Placement while its nominees subscribed for 26.6 million CDI’s. Following completion of the Placement and repayment of the Macquarie facility, Sumatra’s cash reserves stand at $8.3 million, which will allow the Company to maintain the current project development schedule for Tembang ahead of the final forestry permit expected at the end of March 2013. “The completion of the $8.4 million placement and repayment of the Macquarie facility marks another key milestone in our march towards development of the Tembang Project,” said Sumatra’s Managing Director, Julian Ford.
“With cash reserves of $8.3 million net of these transactions, the Company remains well placed to meet our development timetable at Tembang, with the next key milestone being the receipt of our final forestry permit, or Pinjam Pakai, which is expected towards the end of this month. “That will enable us to complete the balance of our debt and equity financing package and move forward with construction and development in the second half of the year,” he said.
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