Seligdar to tap $65 mln credit line from Sberbank
MOSCOW. Dec 7 (Interfax) - The shareholders of OJSC Seligdar will vote at an EGM in January on a nonrenewable credit line of up to $65 million from Sberbank , the gold miner said, citing a decision made by the board of directors on December 6.
The meeting will be held by mail-in vote, the results of which will be tallied on January 10. The register closes as of December 7.
The general agreement for the credit line will be valid from December 5, 2011 to November 30, 2013. The credit limit is $65 million and the annual interest rate is 7%.
The collateral for the credit line will be a stake of 75% minus one share in OJSC Seligdar Gold and 59.3% of prospector cooperative LLC Poisk. Sberbank will also get the property rights to the gold sales contract signed with the bank for 2012, for the whole amount of gold to be delivered by the Seligdar group - up to 1.667 billion rubles.
Seligdar Gold and prospector cooperatives Poisk and Sininda-1 are guaranteeing the loan.
The Sligdar group posted a net profit of $14.5 million after minority interest $16.4 million before minority interest) in 2010 on revenue of $121.1 million and EBITDA of $66.8 million, according to its consolidated IFRS statement. Long-term loans and credits stood at $102.9 million on January 1 this year, and short-term debt totaled $53.4 million.
The Seligdar group, formed in 2008 on the basis of the eponymous prospector cooperative, holds the Mezhsopochnoye, Samolazovskoye, Garbuzovskoye, Podgolechnoye and Goltsovoye-1 deposits. The group also includes OJSC Seligdar Gold (Nizhneyakokitskoye), LLC Orenburg Mining Company, LLC Poisk, LLC Evroart, LLC Sininda-1, LLC Ryabinovoye and CJSC Lunnoye (a joint venture with Atomredmetzoloto). The group had C1+C2 gold reserves of more than 100 tonnes as of June 1, 2011. Seligdar produced 3.1 tonnes of gold in 2010.
Seligdar's common shares are traded on MICEX. One of Seligdar's shareholders is the Russkiye Fondy Investment Group.
