(Boursier.com) — Auplata Mining Group (AMG) informs the market that it received on March 5, 2024, a request for partial execution of the guarantee from Strategos Ventures Ltd (SVL) relating to the refinancing operation of July 22, 2022. SVL then lent to AMG an amount of 32.19 million euros.
Taking into account the agreements which provide, in the event of default and as a guarantee, a possible immediate execution of the entire guarantee granted to SVL, AMG informs the market of the request for partial execution by SVL of its guarantee to amount of 49% of the shares of the OSEAD Fund for an amount of 18.9 ME which will be deducted in full from the nominal bringing the latter to 13.29 ME.
The transfer of 49% of the shares of the OSEAD Fund to the benefit of SVL will take place no later than April 5, 2024.
The execution of the guarantee is carried out at the “indicative” value rounded to the unit of 1,480 MAD per share of the underlying asset (CMT), it being specified that the closing price of the CMT share on March 6 2024 was 1,321 MAD.
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Following this transfer, AMG’s indirect stake in CMT will be 18.89%. The company would like to clarify that a shareholders’ agreement relating to the management of the underlying asset by AMG has been agreed.
Luc Gérard Nyafe, Chairman of the Board of Directors, declared: “Thanks to the negotiations which led to partial and not total execution of the guarantee as permitted by the agreements, AMG continues its development while meeting its contractual obligations. Aware of the significant debt of the group, the improvement of its financial structure and its reduction are priorities. The objectives set for management to optimize operational performances with a view to maintaining a turnover, at constant scope, close to 90 ME reflect our growth expectations”
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