Kingsrose?s debt restructure successfully completed
Thursday, May 12 2016 - 09:25 AM WIB
ASX-listed Kingsrose Mining Limited announced on Thursday that its debt restructure, which provides the company with a six-month repayment moratorium to October 2016, is now completed.
The completion follows confirmation from ASX that the variation to the repayment profile of the Loan Facilities falls under the scope of the waiver it granted on Jan. 30, 2015 and therefore no further waiver of the terms of ASX Listing Rule 10.1 is required.
On May 2, the firm said in a statement that that it has agreed with each of its lenders, Michael John Andrews, Great Golden Investment Limited and Beaurama Pty Ltd to restructure the repayment profile of the company?s Loan Facilities.
The company commenced repayment of the Loan Facilities on July 31, 2015, with a total of A$1.8 million of the loan repaid to date. In October 2015, any further repayment of the remaining A$10.1 million was deferred for a period of six months until April 2016.
?The Board considers it prudent to defer any further repayment for an additional six month period with the revised terms requiring repayment of the outstanding principle recommencing in October 2016 with final repayment due in February 2018,? the May 2 statement said.
The Company has an 85% interest in the Way Linggo Project in South Sumatra.
Editing by Johannes Simbolon