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BRIEF-African Minerals provides financing update
November 20, 2014 / 5:43 PM / 3 years ago

BRIEF-African Minerals provides financing update

Nov 20 (Reuters) - African Minerals Ltd :

* Financing update

* Continues to engage with Shandong Iron and Steel Group (“SISG”) over timing of release of restricted cash of $102m

* SISG had previously agreed to release of this restricted cash in august 2014, but since that time, SISG’s authorisation has not been forthcoming

* Despite co’s efforts to reach an agreement with SISG over release of these funds, there remains no certainty on timing of their release

* Despite intensive efforts, in last few days it has become increasingly apparent that alternative sources of funding are unlikely to materialise in near future

* Is seeking to engage with SISG and other parties over a partial disposal of its holding in Tonkolili mine for a fair market value

* Standard Chartered Bank had been mandated by project to structure a new debt facility

* Co and Standard Chartered Bank have reached a view that any structuring of a new debt facility is not currently possible

* Ordinary shares will remain suspended pending clarification of company’s financial position Source text for Eikon: Further company coverage:

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