Bellzone Mining Amends Loan Agreement With Shareholders

23rd Mar 2018 13:30

LONDON (Alliance News) - Bellzone Mining PLC said on Friday that majority shareholder Hudson Global Group Ltd has agreed to amend loan agreements signed in December 2015 and 2016.

Under the amendments, the availability period of the second loan has been extended to December 31, 2019, from March 31, the repayment dates for both loans have been extended to the same date from the end of 2018, and the non-default interest rate of the aggregate of 5.0% and LIBOR will continue to accrue in the period of amended repayment dates.

The two loans Hudson provided to fund Bellzone's working capital in 2016 and 2017 were worth USD6.5 million and USD4.0 million respectively.

Also, CS International Pte Ltd has agreed to amend its USD10.2 million loan agreement signed in 2014, to fund Bellzone's working capital.

CS's loan repayment date has been extended to the end of 2019, and the interest rate will continue to accrue in the period to the amended date.

The refinancing of Bellzone's long term facilities is expected to give the company added operational visibility and flexibility.

Shares in Bellzone Mining were down 0.1% at 0.62 pence on Friday.

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