Sumatra Copper hopes to soon withdraw $5m to finance Tembang gold project
Wednesday, September 16 2015 - 02:19 AM WIB
ASX-listed Sumatra Copper & Gold plc said it hopes to be able to make a second drawdown of a debt facility this month to help finance the development its Tembang gold project in southern Sumatra.
The company said in a statement Tuesday it has met all the conditions required for the second drawdown of the debt facility.
It said was seeking to withdraw US$5 million of the total $45 million debt facility signed by its subsidiary PT Dwinad Nusa Sejahtera in October of last year. The company made the first drawdown of $40 million in November of last year.
The drawdown of the second tranche of $5 million is subject to a number of conditions precedent, including the following:
▪ the company carrying out an equity raise within 6 months of drawdown of Tranche 1;
▪ practical completion of the process plant at Tembang; and
▪ the gold price exceeding $1,125 per ounce on each of the 3 consecutive days immediately prior to practical completion.
?The company is pleased to announce that all conditions precedent to drawdown of tranche 2 have been satisfied; and the company has issued a Utilisation Request to the Facility Agent for the US$5 million tranche 2 and expects to draw down these funds during September 2015,? Sumatra Copper said in the statement.
Editing by Reiner Simanjuntak