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Anglo Asian Mining borrowed $2.7M from Yapi Credit Bank Azerbaijan

22 September 2017 09:41 (UTC +04:00)

In the 6 months to 30 June 2017, Anglo Asian Mining entered into further credit facilities with Yapi Credit Bank, Azerbaijan ("YCBA"). These totaled $2.7 million and the interest rate for each loan was 9.5 per cent.

One loan for $0.5 million, which commenced in January 2017, is repayable in 12 equal monthly installments. The remaining loans totaling $2.2 million are all for a duration of 12 months with repayment of principal at the end of the loan with interest payable monthly.

In December 2016, the Group entered into a working capital credit facility for $1 million with Kapital Bank. The facility is for one year with an annual interest rate of 7 per cent. Interest is payable monthly and the principal is repayable by 4 equal quarterly monthly installments commencing March 2017.

In November 2017, the Group intends to repay its $1.5 million-credit to PASHA Bank OJSC.

In the 6 months to 30 June 2017, Anglo Asian Mining entered into further credit facilities with IBA ($3.875 million), Gazprombank ($6.18 million), Amsterdam Trade Bank ($6.18 million), Yapi Credit Bank Azerbaijan ($2.623 million), PASHA Bank ($6.19 million).