LOAN REPAYMENT EXTENSION FOR DISCOVERY METALS

Written on the 17 February 2014

LOAN REPAYMENT EXTENSION FOR DISCOVERY METALS

DISCOVERY Metals (ASX:DME) has secured a further extension on its debt repayment obligations.

The company owes a total of $148.8 million on its Boseto Project Finance Facility and its Single Currency Revolving Facility Agreement.

It had already received an extension on the original repayment of US$17.5 million, (plus $2.2 million interest owing) which was originally due on December 31.

The latest allows DME to make the repayment on March 31, with the interest owing to be paid on February 28.

“The lenders’ continued flexibility in relation to the Repayment Schedule is reflective of the ongoing support being afforded to the Company by its lenders,” says DME in a statement to the ASX this morning.

“Discussions between Discovery Metals and various external parties as to a large-scale recapitalisation of the Company are continuing.”

DME is trading down 2.33 per cent this morning at $0.042 per share.

 

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