China Gold International Announces Loan Agreement and Deposit Services Agreement with Related Party
19 Dezember 2017 - 3:30PM
China Gold International Resources Corp. Ltd. (TSX:CGG) (HKEx:2099)
(the “
Company” or “
China Gold
International Resources”) wishes to announce that on
December 18, 2017, the Company and China National
Gold Group Finance Co., Ltd. (“
China Gold
Finance”) entered into a deposit services agreement (the
“
Deposit Services Agreement”) pursuant to which
the Company and its subsidiaries (the “
Group”)
may, from time to time, make withdrawals and deposits with China
Gold Finance up to a daily maximum deposit balance (including
interest) not exceeding RMB 100,000,000. Loan interest
payable to China Gold Finance will be based on the RMB benchmark
rate for a one year loan published by The People’s Bank of China
(4.35%) with a 5% discount. In addition, on December 18, 2017, the
Company and China Gold Finance entered into a loan agreement (the
“
Loan Agreement”) pursuant to which China Gold
Finance agreed to provide an unsecured loan in the aggregate amount
of RMB 350,000,000 to satisfy the financial needs of the Group
within the PRC. Deposit interest rates payable by China Gold
Finance for any deposits shall be, at a minimum, 20% higher than
the benchmark interest rate published by The People's Bank of China
for the same period and for the same type of deposit.
China Gold Finance is licensed by the China
Banking Regulatory Commission.
China National Gold Group Co.,
Ltd. (formerly: China National Gold Group Corporation), the
controlling shareholder of the Company, holds a 51% interest in
China Gold Finance and therefore, both the Deposit Services
Agreement and the Loan Agreement (together, the
“Transactions”) constitute a “related party
transaction” as defined in Multilateral Instrument 61-101 –
Protection of Minority Security Holders in Special Transactions
(“MI 61-101”). For the purposes of MI
61-101, the Transactions are exempt from (i) minority approval
requirements in accordance with section 5.7(a) by virtue of the
fact that the value of the loan and the deposit, in each case, is
less than 25% of the Company's market capitalization and (ii) the
formal valuation requirement because each of the loan and the
deposit is a credit facility.
About China Gold International
Resources
China Gold International Resources Corp. Ltd. is
based in Vancouver, BC, Canada and operates both profitable and
growing mines, the CSH Gold Mine in Inner Mongolia, and the Jiama
Copper-Polymetallic Mine in Tibet Autonomous Region of the People’s
Republic of China. The Company’s objective is to continue to build
shareholder value by growing production at its current mining
operations, expanding its resource base, and aggressively acquiring
and developing new projects internationally. The Company is listed
on the Toronto Stock Exchange (TSX: CGG) and the Main Board of The
Stock Exchange of Hong Kong Limited (HKEx: 2099).
For further information on China Gold
International Resources Corp. Ltd., please refer to its SEDAR
profile at www.sedar.com or contact Tel:604-609-0598,
Email:info@chinagoldintl.com, Website:www.chinagoldintl.com.
Cautionary Note About Forward-Looking
Statements
Certain information regarding China Gold
International Resources contained herein may constitute
forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements may include estimates,
plans, expectations, opinions, forecasts, projections, guidance or
other statements that are not statements of fact. Although China
Gold International Resources believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to have been
correct. China Gold International Resources cautions that actual
performance will be affected by a number of factors, most of which
are beyond its control, and that future events and results may vary
substantially from what China Gold International Resources
currently foresees. Factors that could cause actual results to
differ materially from those in forward-looking statements include
market prices, exploitation and exploration results, continued
availability of capital and financing and general economic, market
or business conditions. The forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
The information contained herein is stated as of the current date
and subject to change after that date.
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