Robex Resources Inc. is pleased to announce that the work to restart the Nampala mine will be able to begin. As of now, equipment orders will be undertaken under the supervision of the independent engineering firm Soutex, with the support of the manufacturer, Imagri.
The elution system that posed difficulties will be replaced during the construction by an efficient system.
The conditions relating to the private placement and debt settlement announced on December 30, 2014 have been carried out.
The company, today, has issued 142,857,142 common shares of their capital stock at a price of $ 0.07 each in consideration of 10 million CAD. In addition, Robex has issued 126,486,885 common shares of their capital stock at a deemed price of $ 0.07 each to settle a debt including accrued interest for the amount of $ 8,854,082 CA (refer to the press release of December 30, 2014 for more details on these transactions). The shares issued are subject to a hold period of four months and a day.
Among the conditions, was included, in particular the security of the company's debt with their main suppliers, what has been done and what permits them to spread out the repayments starting when the Nampala mine is back in production.
It is expected that the mine production will resume with a daily processing volume of 4,000 tons/day initially and 6,000 tons/day as soon as possible; which is a very significant increase in production compared to last year's plan, which was 2,800 t/d.
Source: http://www.robexgold.com/