Post by
KostolanysErbe on Mar 24, 2017 4:27pm
update
https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aAGM-2454779&symbol=AGM®ion=C Aldridge talks land acquisition in 2016 results NR 2017-03-24 07:52 ET - News Release Mr. Han Ilhan reports ALDRIDGE REPORTS YEAR-END 2016 FINANCIAL RESULTS AND PROVIDES A CORPORATE UPDATE Aldridge Minerals Inc. has filed its audited consolidated financial statements for the year ending Dec. 31, 2016, and the management's discussion and analysis related thereto, which are available on SEDAR and at the company's website. All dollar amounts, unless otherwise indicated, are reported in U.S. dollars. Highlights Land acquisition: As at Dec. 31, 2016, and Feb. 28, 2017, the company had acquired title to or had the right to access approximately 84.6 per cent and 91.1 per cent of the Yenipazar project area, respectively. As at Dec. 31, 2015, that total was approximately 45 per cent. In March, 2017, a key milestone in the continuing state-led compulsory land acquisition court process was achieved. At hearings held on March 2 and March 15, the court reached a final land pricing decision on 15 land parcels representing 188,915 square metres. Following the classification of these parcels to treasury land, Aldridge will have acquired title to or have right to access approximately 93.4 per cent of the Yenipazar project area. The company believes that this pricing decision, which establishes a price that is lower than the company's voluntary offer price, sets a precedent for upcoming hearings related to the remaining 575,165 square metres of land. As such, the company expects that the land acquisition will be completed within the company's current budget. The company anticipates the land acquisition will be completed in 2017, subject to available funds. In March, 2017, the company was also successful in obtaining written commitments from landowners holding 4.3 per cent of the remaining land, of which 0.9 per cent represent parcels where a pricing decision was reached at the March court hearings. These landowners have committed to providing access to their land to the company for any purpose, including construction, in exchange for a commitment from Aldridge to compensate the landowners for any difference in the value between the court price and the company's voluntary offer price. The difference, if any, will be paid by Aldridge prior to initiating construction at Yenipazar. Including these commitments, the company will have access to approximately 96.8 per cent of the required land following the classification of the parcels included in the March court hearings to treasury land. Debt facility refinancing: In September, 2016, the company entered into a definitive loan facility agreement with Banka Kombetare Tregtare sha (BKT) pursuant to which BKT agreed to make available to the company a two-year secured credit facility in the amount of up to $40-million comprising principal of approximately $33.6-million and interest to be capitalized of approximately $6.4-million. The company has drawn down the available principal. The BKT loan bears interest at an annual rate equal to 12-month LIBOR (London interbank offered rate) plus 6 per cent, but not less than 9 per cent per annum. BKT is the oldest and largest commercial bank in Albania and is a wholly owned subsidiary of Calik Holding AS, a leading conglomerate in Turkey with interests in a variety of industries, including textiles, construction, energy, financial services, mining and telecommunications. "Aldridge made significant progress in 2016, particularly with respect to its land acquisition process," said Han Ilhan, president and chief executive officer. "In the coming year, we expect to complete that process, which will be a major milestone for the company. We continue to advance the interim financing announced in February, 2017. If we are successful in closing the financing as planned in the second quarter of 2017, our focus thereafter will be evaluating strategic options and project financing alternatives for the construction of the Yenipazar project in order to maximize value for shareholders." .................