Business
Loan from the International Bank of Azerbaijan
Loan from the International Bank of Azerbaijan.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n\n \nThe following amendment has been made to the 'Loan from the International Bank of Azerbaijan' announcement released on 9 October 2023 at 4.00 P.M. under RNS No 4609P.\n \nThe date of the Group's cash position and total borrowings in the final paragraph has been amended from 6 September 2023 to 6 October 2023.\n \nAll other details remain unchanged.\n \nThe full amended text is shown below.\n \n \n10 October 2023\n \nAnglo Asian Mining plc\n$10 million loan drawdown from the International Bank of Azerbaijan\n \nAnglo Asian Mining plc (\"Anglo Asian\" or the \"Company\"), the AIM-listed gold, copper and silver producer operating in Azerbaijan, announces that it has drawn down a $10 million tranche from the International Bank of Azerbaijan (\"IBA\") under its revolving credit facility. This credit facility was suspended whilst the Micon environmental review was carried out. However, this drawdown of $10 million follows the recognition by the Government of Azerbaijan that there is no environmental contamination at Gedabek following the release of the Micon environmental report.\n \nThe $10 million tranche has a fixed interest rate of 6.5 per cent. and is repayable over 3 years. Interest is paid monthly and there is a six-month capital repayment grace period. The loan is then repayable in equal monthly instalments over the next 30 months. The funds will be used for capital and other expenditure to restart the Group's operations.\n \nThe loan has been drawn down under the Group's AZN55 million ($32.3 million) credit line. $3.5 million was also drawn down in early July 2023 as a one-year fixed term working capital loan with a fixed rate interest of 5.5 per cent. Interest is paid monthly on the loan and the principal is repayable at the end of the term.\n \nThe Group's remaining undrawn credit line with IBA is $18.8 million. The Group has also drawn down a $5.6 million term loan with Access Bank in Azerbaijan which is secured against a $6.0 million deposit with the bank and carries an interest rate of 6 per cent. At 6 October 2023, the Group had cash of $20.3 million and total borrowings of $19.1 million.\n \nNote that all references to \"$\" are to the United States dollar and the \"AZN\" to the Azeri new Manat.\n \nMarket Abuse Regulation (MAR) Disclosure\n \...