Kingsrose and lenders agree to restructure loan

By Ruli Setiawan

ASX-listed Kingsrose Mining Limited (KRM) has agreed with its lenders, Beaurama Pty Ltd (Beaurama) and Advance Concept Holdings Limited (ACH) to restructure the repayment of its loan facilities.

The company announced on Friday that under the previous terms, the Beaurama loan facility and the ACH loan facility were required to be repaid over ten (10) instalments, commencing in January 2015 with final repayment due in October 2015. Under the revised terms, the debt will be repaid over twenty (20) instalments commencing in July 2015 with final repayment due in February 2017.

Interest is payable monthly in arrears and the applicable interest rates remain unchanged. No restructuring fees were charged by the lenders.

In addition, the US$5 million ACH loan facility has been assigned equally to Great Golden Investment Limited and Michael John Andrews (both related parties of the Company).

Great Golden Investment Limited and Michael John Andrew have been granted joint security with Beaurama over all of the issued shares in Kingsrose?s Australian subsidiaries that hold its 85 percent shareholding in PT Natarang Mining, owner and operator of the Way Linggo Project, South Sumatra.

Managing Director Scott Huffadine said that the extension of the repayment profile will allow the Company to remain focused on consolidating production at the Talang Santo Mine and undertake the necessary capital development, including the installation of the vertical shaft to the 5 Level which will provide access to the high grade zones indicated by drilling.

Editing by Benget Besalicto ST.