Bond Redemption

RNS Number : 8208Y

Green Dragon Gas Ltd

04 December 2014

 

4^th December 2014

GREEN DRAGON GAS LTD

("Green Dragon" or the "Company")

 Bond Redemption

Green Dragon Gas Ltd. (LSE: GDG) announces the redemption of the US$35,000,000 18 month bond ("the Bond"), with a maturity date of 3 December 2014. The Bond was redeemed for a total consideration of US$36,225,000, representing the principal amount and aggregate interest payable, and has been paid in full, using cash held on the balance sheet.

Mr. Randeep S. Grewal, Founder and Chairman of Green Dragon, commented:

"This scheduled bond redemption is part of a planned process which, together with the expected exercise of warrants and recent $88 million corporate bond, will result in an even stronger balance sheet at year end. We are pleased to be entering 2015 ready with cash on hand to commence our drilling programme, which we are confident will continue our shareholder value accretion demonstrated during this year."

For further information on the Company and its activities, please refer to the website at www.greendragongas.com or contact:

Stephen Hill, VP Corporate Finance Green Dragon Gas	[phone]
David Simonson / Anca Spiridon Instinctif Partners - Investor Relations	[phone]
Tom Reid / Luke Spells Citigroup - Corporate Broker	[phone]
Sarah Wharry / Richard Redmayne Cantor Fitzgerald Europe - Corporate Broker	[phone]
Richard Crichton / Andy Crossley Peel Hunt - Broker	[phone]

About Green Dragon Gas

Green Dragon is an onshore China focused upstream (Exploration & Production) company, concentrating on its core asset value proposition over eight blocks, two of which are producing. The Company's blocks are located within six Production Sharing Contracts across four Provinces: Shanxi, Anhui, Jiangxi and Guizhou.

 

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