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GBM RESOURCES LIMITED. — Capital/Financing Update 2017
Feb 9, 2017
64966_rns_2017-02-09_d69b8008-9077-42c8-9857-e72b6e52e158.pdf
Capital/Financing Update
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ASX Announcement
ASX Code: GBZ
10 February 2017
COMPANY DIRECTORS
AUD$ 10 Million Loan Agreement Update
The Board of GBM Resources Limited (‘GBM’ or ‘the Company’) advises that the Company has entered into a Deed of Variation with National Federal Capital Ltd (NFC) regarding the settlement of the outstanding advances under the Loan Agreement.
Peter Thompson Managing Director/ Executive Chairman
Neil Norris Exploration Director – Executive
Hun Seng Tan Non-Executive Director
CONTACT DETAILS
Part payment of the loan of AUD$1.5million was received on 7 December 2016. The balance of the total loan monies of AUD$8.5million is now scheduled to be settled by 31 March 2017. The repayment schedule has been adjusted to commence in April 2019. There are no further amendments and refer to the ASX announcement dated 18 October 2016 for the details of the Loan Agreement.
While there has been commercial circumstances impacting the performance of NFC under the Loan Agreement, based on recent discussions the Company is satisfied that NFC is able to complete its obligations under the Loan Agreement. The Company previously advised on 21 November 2016 that the AUD$10million Loan Agreement was unconditional and further confirms that GBM is in compliance with its various obligations and undertakings under the Loan Agreement.
Principal & Registered Office Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153
Exploration Office 10 Parker Street, Castlemaine, Victoria 3450
Website
Phone
+61 (8) 9316 9100
Fax
+61 (8) 9315 5475
The Company is now targeting by end of the March 2017 (previously December 2016) to commence the Feasibility Studies which will extend the development schedule on the Mt Coolon Gold Project by a quarter. The Company’s objective remains on track to be a gold producer this calendar year.
Phone (Exploration Office) +61 (3) 5470 5033
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For further information please visit www.gbmr.com.au or contact:
Investors: Media: Peter Thompson Karen Oswald Managing Director Marko Communications GBM Resources Tel: + 0423 602 353 Tel: +61 8 9316 9100 [email protected]