Loan Agreement between ZAO Mnogovershinnoye and Commerzbank
Highland Gold Mining Ltd, the AIM quoted gold producer, announces today that it has entered into a loan agreement between its subsidiary ZAO Mnogovershinnoye and Commerzbank (Eurasia) for a one-year $15-million loan at LIBOR + 3.5% per annum. The proceeds will be used to refinance existing debt and fund the activities of the Company.
Ivan Kulakov, the Managing Director of Highland Gold Mining Ltd commented:“This is a significant deal for us. These are attractive terms. It is also the first time we have borrowed directly from a major Western bank. It demonstrates the growing confidence of Western investors in the Russian gold industry and in the ability of our company to deliver on our ambitious development programme.”
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|Andrew Garfield||Brunswick||020 7404 5959|