Jan 13 2016
Robex Resources Inc. ("Robex" and / or "the Company") is proud to announce that the Nampala mine in Mali has restarted and the mine is now operating 24 a day, 7 days a week, with an availability rate currently at 95%. Several components have been successfully installed in recent months, namely the chain feeder, the scrubber, the two story screen, the linear rotary screen and two additional CIL tanks. These elements are currently all operational and allow the mine to process, since two weeks, an average of 63 tonnes of ore per hour, using the small ball mill, which corresponds to an average production of 1,500 tonnes per day (tpd).
The objective in the coming weeks is to gradually increase production, pending the start of the permanent ball mill of 4,000 tpd and the cyclone tower, which is expected at the end of the first quarter 2016.
The company is indeed a little behind compared in the regards to the plan that had been initially set, mainly due to difficulties in supply and installation of equipment at the Nampala plant which, we must not forget, is quite far from Bamako, the capital of Mali.
Recent pictures of the new facilities at the mine are available on the company's website at www.robexgold.com, or by clicking this link: new photos. The company invites you to visit their website regularly, where videos of the production will be posted in the coming days in the "Video" section. You can also access it by clicking this link: videos.
Long term loan of EUR 1,000,000
Robex confirms that they have obtained a long term loan in the amount of 1 million euros made by Mr. Georges Cohen, president and CEO of the Company. The purpose of this loan is to provide the Company with the working capital required to continue the development and operations of the Nampala mine.
The loan bears an interest rate of eight percent (8%) annually. Robex must repay this loan with the dividends that come from African Peak Trading House Ltd. Any balance due must be repaid no later than June 30, 2016. This loan is intended to be a very short term loan, pending a funding agreement which is currently being negotiated with a Malian bank.
The above loan involving Mr. Georges Cohen is a "related party transaction" under Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (the "Regulation 61-101"). However, it is exempt from the requirement to prepare a formal evaluation and minority approval provided for in Regulation 61-101 under the exemptions in paragraphs 5.5 (a) and 5.5 (h) and paragraph 5.7 (1) (a) Regulation 61-101 as the Company is in financial difficulty and the fair market value of the anticipated participation of the specified person or the consideration paid does not exceed 25% of Robex's market capitalization. A material change report concerning the proposed transactions will be filled on the SEDAR website.