Stockholm, 2014-12-04 08:05 CET (GLOBE NEWSWIRE) -- RusForest AB (publ) (“RusForest” or the “Company”) (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, announces the early repayment of the Vostok Nafta loan of $5 million.
In November 2012, RusForest secured a $5 million term loan from the Company’s major shareholder at that time, Vostok Komi (Cyprus) Limited, a wholly-owned subsidiary of Vostok Nafta Investment Ltd. The proceeds from the loan were used for working capital purposes, and the loan was secured by a pledge of RusForest’s interests in certain forestry assets. The loan was maturing on December 31, 2014.
RusForest has now repaid the Vostok Nafta loan early in order to reduce expenses after receiving the previously announced cash from the divestment of the Arkhangelsk assets.
About RusForest AB
RusForest is a Swedish forestry company operating in Eastern Siberia. The Company controls long-term timber leases and utilizes these resources to produce a wide range of sawnwood products. RusForest is listed on NASDAQ OMX Stockholm First North (ticker “RUSF”).
RusForest AB's Certified Adviser on First North is Pareto Securities AB.
For additional information, please visit the Company’s website at www.rusforest.com or contact:
Gustav Wetterling, Group CFO, telephone: +46 8 771 85 00
