Kingsrose enters loan restructuring deals

By Romel S. Gurky

ASX-listed Kingsrose Mining Limited announced Thursday that it has entered into a Deed of Variation of Loan Agreement with each of Advance Concept Holdings Limited (ACH) and Beaurama Pty Ltd (Beaurama) to restructure the repayment profile of the company?s current loan facilities.

?The applicable interest rates remain unchanged and no restructuring fees have been charged by the lenders,? the company said.

The lenders have agreed to term‐out repayment of the loan facilities to allow the debt to be repaid by 30 October 2015, Kingsrose said. Under the previous terms, the loan facilities required repayment to commence in July 2014 with final repayment due in October 2014 and interest payable quarterly in arrears.

The company said the terms of the revised facilities will enable the debt to be repaid in full by 31 October 2015, with the first installment payable in January 2015 and interest payable monthly in arrears.

The variation to the repayment profile of the loan facilities falls under the scope of the waiver from Listing Rule 10.1 granted by ASX on 7 April 2014 and as such, the terms and conditions attached to that waiver still apply.

Kingsrose Managing Director Scott Huffadine said: ?The company greatly appreciates the ongoing support of both ACH and Beaurama in allowing the company to establish steady state operations at the Talang Santo mine over the next 6 months, setting the project up to realize long term value.?

Kingsrose announced July 9 that its 85 percent owned Indonesian subsidiary PT Natarang Mining (PTNM) has received Minister of Forestry approval for the ?borrow and use? permit.

This is the final permit required allowing production to commence immediately at the Talang Santo gold mine located at the Way Linggo Project in South Sumatra, the company said in a statement.

Editing by Reiner Simanjuntak