http://www.sharenet.co.za/v3/sens_display.php?tdate=20120106090001&seq=765
Working Capital Facility Between Zci And African
Release Date: 06/01/2012 09:00:01 Code(s): ZCI
ZCI - ZCI Limited - Working capital facility between ZCI and African
Copper Plc ("ACU")
ZCI Limited
(Bermudian registration number 661:1969
(South African registration number 1970/000023/10)
JSE share code: ZCI ISIN: BMG9887P1068
Euronext share code: BMG9887P1068
("ZCI" or "the Company")
WORKING CAPITAL FACILITY BETWEEN ZCI AND AFRICAN COPPER PLC ("ACU")
ZCI is pleased to announce that it has entered into an additional loan
facility agreement with ACU. The purpose of the new loan is to provide
ACU with further working capital for its Mowana Mine facilities. The new
USD2.0 million loan from ZCI is a secured loan facility with an interest
rate of 9.0 per cent, repayable on 31 March 2013 (the "Facility").
Interest will be accrued annually and interest payments deferred until 31
March 2013. The terms and conditions of the Facility are on
substantially similar terms to the previous term loans from ZCI and bring
ACU`s total interest-bearing loans (including accrued interest) from ZCI
to USD 64.9 million, excluding the existing convertible loan of a further
USD8.4 million.
Commenting, Jordan Soko, Acting Chief Executive of African Copper Plc,
said, "The additional funds raised will provide the Company with the
working capital to continue to improve production levels and highlights
the continuing support of ZCI."
For further information please visit www.africancopper.com
Bermuda
6 January 2012
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 06/01/2012 09:00:01 Supplied by www.sharenet.co.za
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