SUMATRA COPPER & GOLD PLC
Registered No. 5777015
ASX Announcement: 7 October 2016
Execution of VAT Financing Facility
Further to the announcement of 21 September 2016, Sumatra Copper & Gold plc ("the Company") is pleased to announce that its wholly-owned subsidiary PT Dwinad Nusa Sejahtera ("DNS") has executed a VAT Financing Facility ("VAT Facility") with PT Bank UOB Indonesia ("UOB").
Under the VAT Facility, DNS will be advanced up to 60 billion Rupiah or its equivalent in US dollars (approximately US$4.6 million at an assumed exchange rate of 13,011 IDR:USD). The VAT Facility provides a prepayment of VAT claims lodged by DNS with the Indonesian tax authorities.
The key terms of the VAT Facility are:
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Availability Period of 6 months from the date of execution;
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Final maturity date 18 months after the Availability Period;
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Repayment upon receipt of the respective VAT refund payment from the Indonesian tax authorities or the maturity date of the VAT Facility, whichever is the earlier;
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2% Facility Fee;
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Interest rate equal to LIBOR + up to 4% for US dollars or JIBOR + 5% for Indonesian Rupiah.
The VAT Facility is secured by way of corporate guarantee from the Company, a pledge of DNS' VAT account to UOB and assignment of DNS' VAT claims and all proceeds from VAT refunds received from the Indonesian tax authorities to the order of UOB. In addition, the Company's major shareholder, PT Provident Capital Indonesia, has provided a corporate guarantee for the VAT Facility. There is no security over Company assets other than VAT receivables.
Initial drawdown of approximately US$2.0 - $2.5 million of the VAT Facility is expected within the next week. The funds are proposed to be applied to general working capital.
For further information please contact:
David Fowler Phil Retter
Managing Director Investor Relations
Sumatra Copper & Gold plc NWR Communications
+61 8 6298 6200 +61 407 440 882
[email protected] [email protected]
ASX ANNOUNCEMENT 7 OCTOBER 2016
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
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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