11 May 2017 07:00
News Release
Shareholder Loan Extension
11 May 2017: Ncondezi Energy Limited ("Ncondezi" or the "Company") (AIM: NCCL) announces that agreement has been reached to extend the Shareholder Loan repayment date.
Following the announcement on 10 May 2017, the Company has been able to agree an amendment to the repayment terms of the Shareholder Loan, with repayment now due on 2 September 2017. This provides the Company with more time to progress the project and better develop loan repayment options in addition to raising additional working capital by the end of May.
All other terms of the Shareholder Loan remain the same.
Related Party Transaction
The extension of the Shareholder Loan (the "Transaction") constitutes a related party transaction for the purposes of the AIM Rules for Companies. Accordingly Jacek Glowacki, being the Company's Independent Director in relation to the Transaction considers, having consulted with Liberum, the Company's Nominated Adviser, that the terms of the Transaction are fair and reasonable insofar as its shareholders are concerned.
Enquiries
For further information please visit www.ncondezienergy.com or contact:
Ncondezi Energy: | Hanno Pengilly | +44 (0) 20 7183 5402 |
Liberum Capital Limited:NOMAD & Broker | Neil Elliot / Richard Crawley | +44 (0) 20 3100 2000 |
Note:
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Hanno Pengilly, Chief Development Officer of the Company (responsible for arranging release of this announcement) on +44 (0) 20 7183 5402.
Ncondezi owns 100% of the Ncondezi Project which is strategically located in the power generating hub of the country, the Tete Province in northern Mozambique. The Company is developing an integrated thermal coal mine and power plant in phases of 300MW up to 1,800MW. The first 300MW phase is targeting domestic consumption in Mozambique using reinforced existing transmission capacity to meet current demand.