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SUMATRA COPPER & GOLD PLC
Registered No. 5777015
ASX Announcement: 31 March 2016
Working Capital Update
In December 2015 Sumatra Copper & Gold plc ("the Company") entered into a US$5 million working capital facility in the form of convertible notes ("Note Facility") with its major shareholder Provident Minerals Pte Ltd ("Provident") (ASX Announcement 16 December 2015). US$2 million of the Note Facility was drawn down in December 2015 with the remaining US$3 million drawn during January 2016. US$2.5 million of the total US$5 million Note Facility was assigned by Provident to the Company's other major shareholder PT Saratoga Investama Sedaya Tbk ("Saratoga") in January 2016.
The Company has debt service reserve account ("DSRA") commitments and an interest payment due for the March 2016 quarter under its wholly owned subsidiary PT Dwinad Nusa Sejahtera ("DNS") US$45 million senior secured debt facility. In order to preserve the Company's working capital position for its operating Tembang gold-silver mine in Sumatra, Indonesia, the Company has funded the DSRA and interest payment by amending the Note Facility for the provision of an additional US$2 million to be jointly provided by Provident and Saratoga. The additional US$2 million convertible notes will be issued under the Company's available placement capacity under ASX Listing Rule 7.1 and will have the same terms as the US$5 million convertible notes already issued under the Note Facility.
For further information please contact:
David Fowler Phil Retter
Managing Director Investor Relations
Sumatra Copper & Gold plc NWR Communications
+61 8 6298 6200 M: +61 407 440 882
[email protected] [email protected]
About Sumatra Copper & Gold plc
Sumatra Copper & Gold plc (ASX: SUM) is a gold and silver producer and precious metals explorer in southern Sumatra, Indonesia. The Company's flagship asset is its Tembang gold-silver mine, currently in production. The Company also has an extensive exploration portfolio with projects ranging from brownfield, near-production opportunities to strategically located greenfield holdings.
Directors
Steve Robinson
Non-Executive Chairman
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Jocelyn Waller
Non-Executive Director
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Gavin Caudle
Non-Executive Director
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David Fowler Managing Director
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Adi Sjoekri Executive Director
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Contact
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Level 1, 5 Ord Street West Perth WA 6005 Western Australia
T: + 61 8 6298 6200
E: [email protected]
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Registered address
39 Parkside, Cambridge United Kingdom CB1 1PN Registered Number 5777015 ASX Code: SUM
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Web: www.sumatracoppergold.com
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