28th Feb 2008 14:05
ZincOx Resources PLC28 February 2008 ZINCOX RESOURCES PLC Trading symbol - ZOX 28 February 2008 JABALI MINE FINANCING COMPLETED ZincOx Resources plc and its partner Ansan Wikfs (Jabal Salab) Limited announcethe completion of the financing of Jabal Salab's zinc oxide mine in Yemen,details of which were announced on 14 January 2008. This is the first large scale mining project to be developed in Yemen and itsdevelopment is being financed by an innovative US$120 million bond facilityavailable to the operating company, Jabal Salab Company (Yemen) Limited, and a100% equity requirement amounting to US$96 million, of which US$20 million hasbeen spent. Both the bond and equity components have been fully paid up into adedicated account reserved for the project development, including sufficientfunds for working capital and contingency. The facility is a limited-recourse high yield bond with an innovative ZincIndexed Price Payment Obligation ("ZIPPO") bonus instrument, linked to the zincprice. The Facility was arranged by Exotix Limited, an investment banking boutiquespecialising in illiquid and frontier emerging markets. It has been taken up bya number of emerging market funds and hedge funds through a special purposevehicle. Andrew Woollett, Chairman of ZincOx said: "The completion of this innovative financing has been a great achievement andour development programme at Jabali can now really accelerate. We still have afurther $50 million in cash at our disposal for the development of our recyclingprojects." For more information please contact: Michael Foster, ZincOx Resources plcTel : +44 (0) 1276 [email protected] John Harrison/James Black, Numis SecuritiesTel: +44 (0) 20 7260 1000 Charlie Geller/ Leesa Peters, Conduit PRTel (Direct) : +44 (0) 20 7429 6604Tel (Mobile): +44 (0) 7970 067 320 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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