Business
Anglo Asian reaches debt free milestone
Anglo Asian reaches debt free milestone.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 6819C Anglo Asian Mining PLC 12 February 2020 \n\n \nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n \n12 February 2020\n \nAnglo Asian Mining plc\nAnglo Asian reaches debt free milestone \n \nAnglo Asian Mining plc (\"Anglo Asian\" or the \"Company\"), the AIM listed gold, copper and silver producer focused on Azerbaijan, is pleased to announce that the Company has made the final repayment of its bank loan finance and is now debt free.\n \nAnglo Asian completed a refinancing loan with Pasha Bank for $15 million ($13.5 million drawn down) at a seven per cent. interest rate per annum in February 2018. On 10 February 2020, the Company paid the final instalment of this refinancing loan and its balance sheet is now debt free. \n \nAll references to \"$\" are to the United States dollar.\n \nAnglo Asian CEO Reza Vaziri commented: \n\"I am delighted to announce that the Company has made the final repayment of the Pasha Bank refinancing loan, marking the significant milestone of Anglo Asian now being debt free.\n \n\"The facility was taken out to improve the Company's financial performance and provide operational flexibility. Given that the net debt of the Company peaked at over $50 million in 2015, this milestone is a remarkable achievement. \n \n\"Since 2015, as well as paying off its debt, the Company has continued to invest in its business, embarked on a three-year exploration programme at its contract areas, commenced payment of regular dividends and built up a significant holding of cash. This amply demonstrates the robust cash generation of the Company.\n \n\"The financial flexibility of being debt free allows Anglo Asian to focus on the growth of the business which I look forward to updating the market on as and when appropriate.\"\n \nMarket Abuse Regulation (MAR) Disclosure\n \nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n \n**ENDS**\n \n \nFor further information please visit www.angloasianmining.com or contact:\n \n\n\n\nReza Vaziri\n\n\nAnglo Asian Mining plc\n\n\nTel: +994 12 596 3350\n\n\n\n\nBill Morgan\n\n\nAnglo Asian Mining plc\n\n\nTel: +994...