African Copper Plc
AIM : ACU

African Copper Plc

September 30, 2009 10:40 ET

African Copper Plc: Extension of Loan Facility

LONDON, UNITED KINGDOM--(Marketwire - Sept. 30, 2009) - African Copper Plc ("ACU" or the "Company") (AIM:ACU)(BOTSWANA:AFRICAN COPPER) announces the extension of the repayment date of the Zambia Copper Investments ("ZCI") US$7 million secured bridge loan facility (the "Initial Bridge Loan") and secured US$25.4 million bridge loan facility (the "Second Bridge Loan") from 30 September 2009 to 30 November 2009. This extension is expected to provide ZCI the necessary time to seek shareholder approval for the proposed four year secured part convertible credit facility (the "Convertible Loan Facility") of US$31,129,100. The advance of funds to ACU by ZCI under the Convertible Loan Facility is subject to ZCI shareholder approval which was expected to be completed in September 2009. The Initial Bridge Loan and the Second Bridge Loan are to be refinanced by ACU out of the proceeds of the Convertible Loan Facility and the ZCI US$9.9 million share subscription which was completed in May 2009.

Contact Information

  • African Copper Plc
    Chris Fredericks
    Chief Executive Officer
    +27 (11) 783 3815
    Email: cfredericks@africancopper.com
    or
    African Copper Plc
    Brad Kipp
    Chief Financial Officer
    +1 (416) 847 4866
    Email: bradk@africancopper.com
    Website: www.africancopper.com
    or
    Numis Securities Limited:
    John Harrison
    (Nominated Advisor)
    +44 (0) 20 7260 1000
    or
    Numis Securities Limited:
    James Black
    (Corporate Broker)
    +44 (0) 20 7260 1000
    or
    College Hill:
    Nick Elwes
    +44 (0) 207 457 2020