Kingsrose completes debt restructuring

By Romel S. Gurky

ASX-listed Kingsrose Mining Limited announced on Tuesday that it has successfully renegotiated the terms of its secured debt facilities with its lenders.

The company said in a statement that under the agreements, Kingsrose?s scheduled loan repayments have been deferred until July next year with the exception of one instalment to Great Golden Investment Limited and Beaurama Pty Ltd upon the earlier of either the receipt of an outstanding Indonesian tax refund or March 31, 2017.

Kingsrose owes secured lenders Michael John Andrews, Great Golden Investment Limited and Beaurama Pty Ltd a total of A$9.2 million.

Great Golden Investment Limited & Beaurama Pty Ltd are entities controlled by former director Bill Phillips.

Kingsrose Executive Chairman John Morris said the agreement to defer the repayments would provide the company with the financial flexibility to continue implementing the key reforms underway at its flagship Way Linggo gold project in Indonesia.

?With the assistance of our consultants Mining Plus, we are making solid progress in devising and implementing new systems at the Talang Santo mine,? Morris said. ?The deferral of the loan repayments will give us the flexibility to continue this program and unlock the true medium and longer-term value of the asset.?

Elsewhere, Kingsrose said that Doug Kirwin has resigned as a Non-executive Director due to conflicting work obligations. Doug will remain as a key consultant to the company?s on site geological team. Joanna Kiernan, who is currently company Secretary, will join the Board as a Non-executive Director.

Editing by Reiner Simanjuntak