|
ZCI
ZCI
ZCI - ZCI Limited - Additional loan facility between ZCI and African Copper Plc
("ACU")
ZCI Limited
(Bermudian registration number 661:1969
(South African registration number 1970/000023/10)
JSE share code: ZCI ISIN:BMG9887P1068
Euronext share code:BMG9887P1068
("ZCI" or "the Company")
ADDITIONAL LOAN FACILITY BETWEEN ZCI AND AFRICAN COPPER PLC ("ACU")
ZCI is pleased to announce that it has entered into an agreement to grant an
additional loan of USD6.0 million to its subsidiary, ACU. The purpose of the new
loan is to provide ACU with further working capital for its Mowana Mine
facilities, partially to cover the funding gap caused by the failure of the Ball
Mill pinion shaft as announced on SENS in May 2012. This has impacted working
capital since normal payables were incurred in May 2012 but revenues were
significantly reduced. The Mowana plant resumed operations on 5 June 2012 after
the successful replacement of the pinion shaft, mill gearbox and liners. Daily
production is progressively increasing and management is looking to exceed the
record production level of 809 Mt of copper in concentrate that was realised in
March 2012. The new USD6.0 million convertible loan from ZCI is a secured loan
facility with a simple interest rate of 7 percent, repayable on 31 March 2014
(the "Facility"). Interest will be accrued annually and interest payments
deferred until 31 March 2014. The Facility is convertible into ordinary shares
of 1p each in ACU at a conversion price of 2.40p per share equivalent to the 60
day volume weighted average closing share price of ACU on the AIM Market of the
London Stock Exchange.
The maximum aggregate number of new ordinary shares which may be issued pursuant
to the conversion rights attaching to the Facility is 163,036,390 new ordinary
shares, which would, were the Facility to be converted in full, increase ZCI`s
interest in the enlarged issued share capital of ACU from 84.19 percent to 91.09
per cent. assuming the existing ZCI USD8.4 million convertible loan facility was
also converted. The terms and conditions of the Facility are on substantially
similar terms to the previous term loans from ZCI and bring ACU`s total interest
bearing loans (including accrued interest at 31 March 2012) from ZCI to USD71.78
million, excluding the existing convertible loan of USD8.4 million and the
Facility of USD6.0 million.
For further information please visit www.africancopper.com
Bermuda
8 June 2012
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 08/06/2012 09:00:03 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
