Robex Resources Inc.: Monthly production record for August, partial repayment of non-convertible debentures and obtention of exploration permits
Exploration permit in Mali:
During the first quarter of 2019, two exploration permits expired, Sanoula and Mininko. An in-depth work was initiated to further explore and explain the group’s development strategy.
This work resulted in the following:
- The reissuing of the Sanoula exploration permit (Keniaba Circle); and
- The issuing of a new exploration permit in the North Diangounté sector (Kayes Circle).
For the record, these positive news coincide with larger and more competent internal teams specialized in Mali’s geology and new buildings dedicated to exploration including a core of 700 m², analysis workshops and permanent offices for the geologists.
Robex wishes to thank Malian authorities, which took into consideration our exploration efforts.
Repayment of non-convertible debentures:
Taking into account the current production performance of the Nampala mine and pursuant to the terms of the debentures, the Company has started repaying its non-convertible debentures (the “debentures”) maturing no later than November 26, 2020. On August 29, Robex repaid a third of the capital debentures, amounting to $3,881,000, solely as a result of cash flow generated through operational activities. Robex is expecting to repay another third of the debentures prior to the end of 2019. This early repayment of the debentures, bearing interest at 10% annually, will significantly reduce the Company’s financial expenses.
This deleveraging process is done while respecting ongoing investment needs and the schedule of bank maturities.
Robex Resources Inc.
Benjamin Cohen, CEO
Augustin Rousselet, CFO/COO
Head office: (581) 741-7421
This news release contains statements that may be considered “forecast information” or “forecast statements” in terms of security rights. These forecasts are subject to uncertainties and risks, some of which are beyond the control of Robex. Achievements and final results may differ significantly from forecasts made implicitly or explicitly. These differences can be attributed to many factors, including market volatility, the impact of the exchange rate and interest rate fluctuations, mispricing, the environment (hardening of regulations), unforeseen geological situations, unfavourable operating conditions, political risks inherent in mining in developing countries, changes in government policies or regulations (laws and policies), an inability to obtain necessary permits and approvals from government agencies, or any other risk associated with mining and development. There can be no assurance that the circumstances set out in these forecasts will occur, or even benefit Robex, if any. The forecasts are based on the estimates and opinions of the Robex management team at the time of publication. Robex makes no commitment to make any updates or changes to these publicly available forecasts based on new information or events, or for any other reason, except as required by applicable security laws. The TSX Venture Exchange or the Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) assumes no responsibility for the authenticity or accuracy of this news release.