[ET Net News Agency, 21 November 2014] SouthGobi Resources (01878) said it is delaying
the payment of the November installment of cash interest due on the secured convertible
debenture it entered into with a wholly owned subsidiary of China Investment Corporation
(CIC) and continues to seek additional funds.
On 19 November, SouthGobi was due to pay about US$8.1 million in cash. It has been
advised by CIC that CIC will extend the cash interest payment date to 1 December. As at
yesterday, SouthGobi had cash of US$4.9 million and continues to seek additional funding
in order to meet its interest obligations under the CIC convertible debenture.
In the event SouthGobi fails to make the CIC convertible debenture interest installment
when due on 1 December, this would result in an event of default under the CIC convertible
debenture and CIC would have the right to declare the principal and accrued interest owing
thereunder immediately due and payable, which could result in voluntary or involuntary
proceedings. (HL)
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01878 SOUTHGOBI
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4.040 +0.040 (+1.000%) Others
21/11/2014 11:16
SouthGobi (01878) delays CIC interest payment
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