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Weatherly Int. (WTI)

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Wednesday 04 April, 2018

Weatherly Int.

Kitumba Purchase Update & Long-Term Restructuring

RNS Number : 8690J
Weatherly International PLC
04 April 2018
 

4 April 2018

This announcement includes release of inside information

Weatherly International plc (AIM:WTI)

("Weatherly" or "the Company")

Kitumba Purchase Update and Long-Term Restructuring

Weatherly announces that, further to its announcements of 12 December 2017 and 2 February 2018, it has received a letter from Intrepid Mines Limited ("Intrepid") requesting an extension of the backstop date (being the next working day after 31 March 2018) which was included in the binding agreement for the acquisition of the Kitumba Project in Zambia (the "Backstop Date"). Following the passing of the Backstop Date, Intrepid have requested an extension to 30 April 2018. The Company confirms that it will seek to positively engage with Intrepid regarding such extension and will provide an update in due course.

Following the Company's confirmation on 3 April 2018 that it had rescheduled debt repayments due on 31 March 2018, Weatherly confirms that it continues to be involved in negotiations with Orion Mine Finance (Master) Fund I LP ("Orion") to agree a long-term restructuring of the Company's secured debt facilities with Orion.

 For further information please contact:

 

Weatherly International Plc                                      +44 (0)1707 800 774

Craig Thomas, CEO

Kevin Ellis, CFO & Company Secretary

 

Strand Hanson Limited                                               +44 (0) 20 7409 3494

(Nominated Adviser & Broker) 

Rory Murphy / James Dance / Jack Botros

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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