During October, the Company's three major shareholders as well as CEO and CFO have granted a loan of MSEK 3.3 with purpose to strengthen the Company's cash balance while the results from Stage 2 of the current exploration program on the Krasny project are summarized and development plans for taking the project into production are prepared. Based on the exploration results so far, the coming Russian reserve report is expected to show more than 9 tons of gold, which is the basis for receiving a MUSD 2 additional consideration following the finalization of the current exploration program. The loan is due for repayment when the conditional consideration has been received, but latest on September 30, 2016, and bears an arrangement fee of 10 percent and an annual interest rate of 10 percent.
Mikhail Damrin, CEO of Kopy Goldfields, comments the news: "With this short term loan we support our liquidity and secure the financing of our operational costs. The terms and conditions for the loan are also favorable compared to what an alternative financing would cost. We do now concentrate on the reserve reporting and completing the Krasny development program for production"
För pressmeddelande på svenska se bifogat dokument (Swedish)
Stockholm, October 20, 2015
For more information, please contact:
Mikhail Damrin, CEO, +7 916 808 12 17, mikhail.damrin@kopygoldfields.com
Tim Carlsson, CFO, + 46 702 31 87 01, tim.carlsson@kopygoldfields.com
The following documents can be retrieved from beQuoted
Kopy Goldfields Pressrelease 2015-10-20 English.pdf
Kopy Goldfields Pressrelease 2015-10-20 Swedish.pdf
About Kopy Goldfields AB
Kopy Goldfields AB (publ), listed at NASDAQ First North in Stockholm is a gold exploration and production company operating in one of the most gold rich areas in the world; Lena Goldfields, Bodaibo, Russia. The company holds 11 bedrock exploration- and production licenses and one alluvial license on 1,963 sq km of which the Krasny license is held to 49% and is preliminary forecasted to be in production in 2017. The target for Kopy Goldfields is to become a near-term gold producer in cooperation with a producing partner under JV agreement.
Kopy Goldfields AB applies International Financial Reporting Standards (IFRS), as approved by the European Union. Aqurat Fondkommission acts as Certified Adviser, contact number: +46-8-684 05 800.
The Share
Ticker: KOPY
http://www.nasdaqomxnordic.com/shares/microsite?Instrument=SSE77457
Outstanding shares: 54,444,996
