Update on Turquoise Hill Resources Ltd. Shareholder Loan and Short-Term Bridge Loan
(firmenpresse) - HONG KONG, CHINA -- (Marketwired) -- 05/16/16 -- SouthGobi Resources Ltd. (TSX: SGQ)(HK: 1878) (the "Company" or "SouthGobi") announces update on Turquoise Hill Resources shareholder loan and short term bridge loan.
Turquoise Hill Resources Ltd. shareholder loan
On May 16, 2016, the Company and Turquoise Hill Resources Ltd. ("Turquoise Hill") entered into a deferral agreement ("May 2016 Deferral Agreement") for a shareholder loan granted by Turquoise Hill with an outstanding loan principal of US$3.4 million and interest accrued up to May 16, 2016 of US$0.7 million ("TRQ Loan"). The key terms and conditions of the May 2016 Deferral Agreement are set out as follows:
Short-term bridge loan
On October 27, 2015, the Company executed a US$10 million bridge loan agreement with an independent Asian based private equity fund (the "PE Fund"). On May 16, 2016, the Company and the PE Fund entered into a deferral agreement, in which the PE Fund agreed to a deferral of repayment of all remaining amounts and accrued interest owing under the bridge loan to July 30, 2016, with the interest rate unchanged at 8% per annum. As at May 16, 2016, the outstanding balance for the bridge loan was US$4.9 million and accrued interest is of US$0.2 million.
About SouthGobi
SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. It also holds the mining and exploration licences of its other metallurgical and thermal coal deposits in South Gobi Region of Mongolia. SouthGobi produces and sells coal to customers in China.
Contacts:
SouthGobi Resources Ltd.
Kino Fu
Investor Relations
+852 2156 7030
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Datum: 16.05.2016 - 11:12 Uhr
Sprache: Deutsch
News-ID 471220
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contact information:
Town:
HONG KONG, CHINA
Kategorie:
Mining & Metals
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"Update on Turquoise Hill Resources Ltd. Shareholder Loan and Short-Term Bridge Loan"
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