8th Jan 2021 19:04
Capital Ltd - mining services firm - Says it has made substantial progress on several of its debt facilities to support drilling services contracts at the Sukari Gold Mine, Egypt. Has executed USD2.6 million vendor finance agreement with Epiroc with full draw down against the purchase of three new blast hole rigs. Fully drawing down on the remaining tranches of the USD10 million Macquarie facility following finalisation of the Sukari contracts and security registration in Egypt. Says committed and available vendor finance facility with Sandvik for USD8.5 million is expected to be utilised over course of the first quarter against the purchase of four new blast hole rigs.
Chair Jamie Boyton says: 'We are very pleased to confirm the completion of key intended debt financing facilities for the Sukari contracts which have enabled the payments for all major equipment purchases to be finalised. Together with the proceeds from the recent successful equity raise, the crystallisation of these debt facilities positions us strongly for this contract. It is also pleasing to note that site activity is also progressing well with the continued expansion of our extensive on-site facilities, further asset arrivals and the recruitment of key personnel to prepare for the commencement of preliminary mining activity in late Q1 as planned.'
Current stock price: 63.00 pence
Year-to-date change: down 4.7%
By Arvind Bhunjun; [email protected]
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