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Oxus Gold adjusts equity funding for more certainty

Last updated: 13:32 13 Mar 2013 GMT, First published: 14:32 13 Mar 2013 GMT

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Oxus Gold (LON:OXS) has told investors that has amended the terms of an equity funding facility so that it can manage its monthly cash-flow with more certainty.

It stuck the original deal for £3mln in August with Darwin Strategic, a subsidiary of Henderson Global Investors Volantis Capital.

Under this new arrangement it can access up to £3.6mln over an eighteen month period.

Oxus says the facility allows it to both minimise dilution and provide a level of certainty over its working capital requirements, which means its management team can focus its full attention on the international arbitration against the Uzbekistan government.

"The restructured facility with Darwin allows for Oxus Gold to manage its monthly cash-flow with more certainty and in a more orderly fashion,” said chairman Richard Shead.

“This will in turn free up management time to concentrate on the International Arbitration against the Uzbekistan Government which is progressing as expected.

“I remain confident that with the facility, as restructured, in place and with partners of the calibre of Calunius Capital LLP and Darwin supporting our case we will continue with our claim in order to return value for all our stakeholders."

 

 

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