Sumatra repays $5M debt facility
Monday, March 18 2013 - 05:08 AM WIB
ASX-listed Sumatra Copper & Gold plc has repaid a $5 million debt finance facility with Macquarie Bank Limited after completing the recently announced placement of 38 million CHESS Deposit Interests (CDI?s) at 22 cents per share to raise A$8.36 million, the company said in a statement on Monday.
With the completion of the Placement and repayment of the Macquarie facility, Sumatra?s cash reserves stand at $8.3 million, which will allow the Company to maintain the current project development schedule for Tembang ahead of the final forestry permit expected at the end of March 2013.
?The completion of the $8.4 million placement and repayment of the Macquarie facility marks another key milestone in our march towards development of the Tembang Project,? said Sumatra?s Managing Director, Julian Ford.
?With cash reserves of $8.3 million net of these transactions, the Company remains well placed to meet our development timetable at Tembang, with the next key milestone being the receipt of our final forestry permit, or Pinjam Pakai, which is expected towards the end of this month.
?That will enable us to complete the balance of our debt and equity financing package and move forward with construction and development in the second half of the year,? he said.
Editing by Adianto P. Simamora