Dec 8 2014
SouthGobi Resources Ltd. announces that subject to certain conditions and limitations, Turquoise Hill Resources Ltd. have deferred amounts owing on the US$10 million revolving credit facility provided to the Company as initially announced on May 25, 2014 and updated on August 31, 2014.
On December 4, 2014, Turquoise Hill agreed on a limited deferral of repayment on the US$3.8 million principal owing on the Turquoise Hill Facility as follows:
US$1.9 million in principal and all interest that has accrued on and under the Turquoise Hill Facility up to and including May 30, 2015 shall become due and payable on May 30, 2015; and
US$1.9 million in principal and all interest that has accrued on and under the Turquoise Hill Facility from June 1, 2015 up to and including August 31, 2015 shall become due and payable on August 31, 2015.
This limited deferral is subject to certain conditions and limitations, including the completion by April 30, 2015 of the transaction contemplated by the Sale and Purchase Agreement between Turquoise Hill and National United Resources Ltd., as amended by an agreement dated December 2, 2014.
Source: http://www.southgobi.com/