SouthGobi has entered into a loan agreement on 6 July, 2017 and a supplementary loan agreement on 31 August, 2017 with Beijing Jin Rui Tian Chen Asset Management Co Ltd. for the purpose of financing the purchase of mining equipment to increase the production capacity of the company.
The key terms of the Equipment Purchase Loan are set out below:
- Principal: RMB 69 million.
- Maturity: 12 months from drawdown.
- Interest rate: 12% per annum.
- Repayment: the company shall repay the principal and accrued interests at maturity date.
- Guarantee and security: The company will provide a corporate guarantee to cover the principal and interest owed, and provide mining equipment with value no less than RMB 69 million as security.
Read the article online at: https://www.worldcoal.com/mining/08092017/southgobi-announces-equipment-purchase-loan/