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Hiccup will not delay PZ Gold loan Posted: Fri, 19 Dec 2008 [miningmx.com] -- THE JSE has objected to a term in the R400m loan agreement negotiated by Pamodzi Gold (PZ Gold) but the company will still receive the much-needed funds on time. That’s according to PZ Gold acting CFO Kobus du Plooy who said, “we will receive the R400m as planned either today or early next week. The money is being sourced from the Industrial Development Corporation (IDC) and shareholder Pamodzi Resources which have each put up R200m. The JSE has objected to a term in the circular to shareholders posted on Wednesday that gave the lenders the right to approve “all material acquisitions and disposals” by PZ Gold. PZ Gold said in a statement released on SENS that, “these terms will be amended by the company to the satisfaction of the JSE by no later than the end of January 2009. “Should these terms not be amended to the satisfaction of the JSE, the JSE has indicated that it will consider the suspension and possible termination of the listing of the shares in Pamodzi Gold.” The statement also said that PZ Gold had undertaken to sign the “HVB loan agreement as detailed in the circular” by no later than January 5, 2009. Du Plooy said the HVB loan agreement involved the restructuring of part of the gold hedge to which PZ Gold was contractually bound. Click Here to subscribe to our
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