March 30, 2015

EMED Mining secures three-month extension for bridge finance

EMED Mining (LON:EMED) has secured a three-month extension to a bridging loan, which would otherwise be due today.


The facility, for up to US$30mln, will now be due on June 30.


EMED could need to pay a 0.5% extension fee but only if it has not called a meeting of shareholders by April 30 to approve a longer term financing. A further 1% fee would also be due if such a meeting still hasn’t been called by May 31.


Advanced discussions are currently underway with cornerstone investors Trafigura, Orion and XGC over longer term financing. These three shareholders are also the providers of the bridging facility.


EMED told investors it hopes to agree terms of long term finance shortly.


In the meantime, EMED has about €5.5mln, and it has a further US$6mln remaining under the bridging facility.


"We are fully focused on working with our key stakeholders to ensure that we achieve the goals we have set for starting and then ramping up production at Proyecto Riotinto,” said EMED chief executive Alberto Lavandeira.


“The three largest shareholders have shown their intentions to continue supporting the fast track development of the project."


Separately, EMED also reported that it has now presented a €13mln restoration bond to the authorities in Andalucia.


EMED also said that it would no longer deemed it necessary to release its annual financial statements for the twelve months to December 31 2014, by March 31, because the company has determined it is now considered a ‘designated foreign issuer’. It does, however, anticipate releasing the results in April.



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