15:20 Thu 09 Apr 2020
Chaarat Gold Hlgs Ld - Extension of investor loan
("Chaarat" or the "Company")
Extension of investor loan
Chaarat (AIM:CGH), the AIM-quoted gold mining company with assets in the
The Company has agreed terms with the provider of the Loan (the "Lender") to extend the maturity date of the Loan from
"We are pleased to announce the extension of the loan agreement and support provided to Chaarat. At the moment, it is hard to predict when the current challenging market environment will normalise, and we are delighted to see such strong support from our debt investor and our largest shareholder.
Enquiries |
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+44 (0)20 7499 2612 |
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+44 (0) 20 7260 1000 |
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+44 (0) 20 3470 0470 |
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finnCap Limited |
+44 (0)20 7220 0500 |
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About Chaarat
Chaarat is a gold mining company which owns the Kapan operating mine in
Chaarat is engaged in active community engagement programmes to optimise the value of the Chaarat investment proposition.
Chaarat aims to create value for its shareholders, employees and communities from its high-quality gold and mineral deposits by building relationships based on trust and operating to the best environmental, social and employment standards. Further information is available at www.chaarat.com.
Appendix
Summary of the key terms of the Loan
1. |
Principal - |
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2. |
Interest - 13% per annum payable at maturity. |
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3. |
Maturity date - |
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4. |
Extension fee - 150 basis points. |
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5. |
Kapan: |
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(a) |
Chaarat is granting a second-ranking charge over |
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(b) |
50% of any new debt raised in respect of Kapan, net of such existing debt of Kapan as is refinanced, must be used to prepay the Loan. |
6. |
Other security - Labro is providing an extended and additional security package directly to the Lender including a personal guarantee from Chaarat's Executive Chairman. |
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Timing of closing - On perfection of the additional security being provided by Chaarat and the extended and additional security being provided. |
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8. |
Lender conversion rights - The Lender has the right to convert up to |
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