Sunkar (AIM: SKR) announces that it has raised $0.1 million through a new loan facility ("SAPC Loan") provided by Sun Avenue Partners Corporation ("SAPC"), which was entered into on 26 May 2014.
Since the last Company update, as set out in the announcement on 2 April 2014, the Company's financial position has worsened significantly.
The funds raised by the convertible loan note, issued on 7 April 2014, were anticipated by the board of Sunkar (the "Board") to provide sufficient working capital until additional earth moving contracts could be agreed and monies from the second earth moving contract were received.
However, cash receipts due under the second earth moving contract have been delayed and a third earth moving contract has still not been concluded.
Sunkar (AIM: SKR) announces that, further to the announcement released on 7 April 2014, the Company yesterday received USD 1.28 million from Sun Avenue Partners Corporation SAPC ("SAPC"), following the issue of 1,280,000 Convertible Loan Notes of USD 1 each to SAPC.
Following the receipt of funds from SAPC in London, Temir Service LLP ("Temir") has now made a total payment of USD 187,144 to ACB, returning the ACB Loan to good order and thereby removing the threat of default.
Sunkar (AIM: SKR) announces that, further to the announcement released on 2 April 2014, regarding the Company’s financial position, it has raised $1.28 million through the issue of 1,280,000 Convertible Loan Notes of $1 each (the “CLN”) to Sun Avenue Partners Corporation (“SAPC”).
The funds provided by the issue of the CLN will be used to make the overdue payments on the ACB bank loan and for general working capital requirements. The Directors believe that the CLN will provide sufficient working capital until additional earth moving contracts can be agreed.
Since the last update provided by the Company on 12 December 2013, Sunkar’s operations have been adversely affected by the 20 per cent. devaluation of the Kazakh Tenge on 11 February 2014 which has led to financial uncertainty within the domestic economy of Kazakhstan. Many new government contracts for execution denominated in the local currency have been put on hold, which has led to delays in the receipt of monies due to Sunkar in respect of its existing earth moving contracts and also delays in agreeing any new contracts.
Sunkar (AIM: SKR) is pleased to announce the following operational results:
Sunkar Resources plc (AIM: SKR) is pleased to announce its half-yearly report for the six month period to 30 June 2013.
Sunkar Resources plc (AIM: SKR) is pleased to announce an ore reserve update for the Chilisai Phosphate Project in Kazakhstan (the “Project”).
Sunkar Resources plc (AIM:SKR) is pleased to announce that its wholly owned subsidiary, Temir Service LLP (“Temir”), has signed a new earth moving contract with the general contractor building the Beineu - Tassai railway line in Western Kazakhstan.