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Weatherly Int. (WTI)

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Friday 01 June, 2018

Weatherly Int.

Suspension & operational & financial update

RNS Number : 9302P
Weatherly International PLC
01 June 2018
 

1 June 2018

This announcement includes release of inside information

Weatherly International plc (AIM:WTI)

("Weatherly" or the "Company")

 

Suspension of trading and operational and financial update

 

 

Further to the Company's announcement on 21 May 2018, the position at the Tschudi mine remains fundamentally uncertain, as a result of significant water ingress.  Whilst water levels have been stabilised, it is not currently possible to assess the length of time required before full mining operations can be recommenced, nor can the full financial impact be assessed at this time.

 

As a result of this material uncertainty, Orion Mine Finance (Master) Fund I LP ("Orion") have confirmed to the Company, in writing, that they are unlikely to permit further drawdowns under the existing uncommitted loan facility with Orion, details of which were announced on 28 July 2017.

 

As a result, the Directors consider that no reliance can be placed on Orion supporting the Company financially and the Board is, therefore, currently seeking advice in relation to administration.

 

In light of the above, and pending clarification of the Company's financial and operational position, the Company's ordinary shares will be suspended from trading on AIM with effect from 7.30 a.m. this morning.

 

Further announcements will be made as required.

 

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


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