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GBM RESOURCES LIMITED. — Capital/Financing Update 2017
Jan 15, 2017
64966_rns_2017-01-15_30661d8b-e2e9-4664-8b09-047d4c4e153a.pdf
Capital/Financing Update
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ABN 91 124 752 745
ASX Announcement
ASX Code: GBZ
16 January 2017
COMPANY DIRECTORS
AUD$ 10 Million Loan Agreement Update
As announced on 18 October 2016, GBM Resources Limited (‘GBM’ or ‘the Company’) entered into an AUD$10 million loan agreement with National Federal Capital Ltd (NFC) (Loan Agreement). Pursuant to the terms of the Loan Agreement, the AUD$10m was to be provided in two tranches of AUD$5m each. Tranche 1 was due to be paid on 21 November 2016 whilst Tranche 2 is due to be paid on 28 February 2017.
Part payment of Tranche 1 for AUD$1.5million was received on 7 December 2016. The balance of Tranche 1 was rescheduled to be received by 13 January 2017. However, the Board of GBM now advises that this balance has not been received.
Accordingly, NFC is in breach of the terms of the Loan Agreement. The Company previously advised on the 21 November 2016 that the Loan Agreement was unconditional and further confirms that it is in compliant with its obligations under the Loan Agreement.
The Company is currently in discussions with NFC and is considering its options under the Loan Agreement. The Company will provide a further update once discussions with NFC have been concluded.
Peter Thompson Managing Director/ Executive Chairman
Neil Norris Exploration Director – Executive
Hun Seng Tan Non-Executive Director
CONTACT DETAILS
Principal & Registered Office Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153
Exploration Office 10 Parker Street, Castlemaine, Victoria 3450
Website www.gbmr.com.au
Phone
+61 (8) 9316 9100
Fax
Refer to ASX announcement dated 18 October 2016 for further details of the Loan Agreement.
+61 (8) 9315 5475
Phone (Exploration Office) +61 (3) 5470 5033
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]
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