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Wolf Minerals Ltd (WLFE)

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Tuesday 14 August, 2018

Wolf Minerals Ltd

Funding Update

RNS Number : 6588X
Wolf Minerals Limited
14 August 2018
 

14 August 2018 

Wolf Minerals Limited

 ("Wolf" or the "Company")

Funding Update

Further to its announcement on 30 July 2018, specialty metals producer Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (Wolf or the Company) has now executed all necessary full form standstill and amended and restated agreements relating to the Company's debt facilities with its existing senior lenders (Senior Debt) and bridge loan facility (Bridge Facility) with Resource Capital Fund VI L.P. (RCF VI) to support Wolf's short-term working capital requirements until 28 October 2018.

The Company has received guarantor consent from the German government's Untied Loan Guarantee Scheme (Ungebundene Finanzkreditdeckung - UFK) to enter into and implement the relevant agreements, which (amongst other things) confirm the deferral of principal, interest and other amounts that were due in relation to the Senior Debt at the end of July 2018.

In addition, the Company has received:

•      the initial tranche of £2 million from the additional £4 million, secured priority loan (Priority Bridge Loan) under the amended and restated Bridge Facility; and

•      the initial £0.9 million of the £1.7 million available from the cash balance previously restricted for use on the noise and vibration management plan.

The further standstill arrangements provided for by the agreements will commence on satisfaction of the relevant conditions precedent, which Wolf expects to take place within the next few days.  Those arrangements include certain waivers of, and amendments to, the Senior Debt and Bridge Facility conditions for any non-compliance prior to or during the standstill period. The further standstill arrangements terminate on the earlier of 28 October 2018 or the occurrence of specific limited events of default.

ENDS

Wolf Minerals Limited

Richard Lucas

+ 44 (0) 17 5239 3235

Numis Securities (Nomad & Broker)

John Prior / James Black / Paul Gillam

+44(0)20 7260 1000

Newgate

Adam Lloyd       

+44 (0) 20 7653 9850

About Wolf Minerals 

Wolf Minerals is a dual listed (ASX: WLF, AIM: WLFE) specialty metals producer. In late 2015, Wolf Minerals completed the development of a large tungsten resource at its Drakelands Mine, located at Hemerdon, in southwest England.

 

 


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