HONG KONG (Yosefardi) – G-Resources Group Limited has been informed about the buying execution over its interest in the Martabe Mine.
The Buyers have entered into all of the relevant debt financing documents with its lenders.
The Escrow Agent that the full amount of the Deposit, being US$35,000,000, has been duly paid by the Buyer on 3 December 2015 into an escrow account operated by the Escrow Agent.
At Completion, the Buyer will acquire the FinCo Shares from Top Gala. An amount of approximately US$94,200,000, being the FinCo Loan minus the Retained FinCo Loan will be assigned by G-Resources to the Buyer (Assigned FinCo Loan).
The non-assigned and remaining portion of the FinCo Loan (Retained FinCo Loan) of US$80,000,000 (or such amount otherwise mutually agreed by the Buyer and Seller prior to Completion) will continue to be owed by FinSubCo to G-Resources and repaid by way of post-Completion cash balance and working capital entitlements from PT AR.
The Martabe Mine is located in North Sumatra, Indonesia. The ownership and operation of the Martabe Mine is pursuant to the CoW entered into in April 1997, which defines all of the terms, conditions and obligations of both PT AR and the Government of Indonesia for the life of the CoW.