CNG China Nonferrous Gold Limited

TIDMCNG 
 
 

China Nonferrous Gold Limited

("CNG" or the "Company")

Financial Position

Suspension of Trading

China Nonferrous Gold Limited (AIM: CNG), the mineral exploration and mining company currently mining the Pakrut gold project in the Republic of Tajikistan, announces that it has received notice from one of its creditors, CNMC Trade Company Limited ("CNMC Trade") that the loan it had provided to CNG of US$20m dated 12 July 2023 and which is due for renewal on 26 November 2023 ("The New Outstanding Loan"), will not be extended. Instead CNMC Trade has today demanded that CNG repay the New Outstanding Loan on time and without delay; and furthermore CNMC Trade has confirmed it does not intend to provide any extension to this timetable.

At today's date CNG has a cash balance of US$3.68m and loans of US$315m, of which US$241.15m including this loan is provided by CNMC Trade and is due for repayment within the next 12 months. The Company therefore does not have sufficient cash available to pay the amounts requested nor do the directors believe CNG has the ability to source additional funds in the time frame set out by the demand.

This call for the New Outstanding Loan is in addition to the US$65m loan from CNMC Trade that was due for renewal on 7 September 2023 ("The First Outstanding Loan") but which by agreement between the parties is currently not being called for repayment, see announcement of that date.

In light of these circumstances, the Company's ordinary shares have been suspended from trading on AIM with immediate effect pending clarification of its financial position.

Further announcements will be made as and when appropriate.

For further information please visit the Company's website (www.cnfgold.com) or contact:

China Nonferrous Gold Limited

Feng Zhishuo, Managing Director

Tel: +86 10 8442 6627

WH Ireland Limited (NOMAD & Broker)

Katy Mitchell, Andrew de Andrade

Tel: +44 (0)207 220 1666

BlytheRay (PR)

Tim Blythe, Megan Ray

Tel: +44 (0)20 7138 3224

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

View source version on businesswire.com: https://www.businesswire.com/news/home/20231124794847/en/

 
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China Nonferrous Gold Limited

 
    SOURCE: China Nonferrous Gold Limited 
Copyright Business Wire 2023 
 

(END) Dow Jones Newswires

November 24, 2023 10:30 ET (15:30 GMT)

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