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Robex Resources has Obtained a Loan in the Amount of $11.5 Million with a Globally Renowned Banking Group

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Robex Resources has Obtained a Loan in the Amount of $11.5 Million with a Globally Renowned Banking Group

 

 

 

 

 

Robex Resources Inc. (TSX-V: RBX) (FWB: RB4) is pleased to announce that we have obtained bank financing from the group BNP PARIBAS in the amount of $11.5 million (CAD) bearing interest at the rate of 7% annually.

 

 

This loan will be used to repay the convertible debentures that matured on July 1st. As a result, 71,050,000 conversion rights related to these debentures will no longer be in effect, which significantly decreases the potential dilution. In addition, this loan is repayable over four years, and will reduce the financial burden of the Company because the convertible debentures bore interest at a rate of 10% annually.

 

 

The latter will also be used to repay the interest accrued on the convertible debentures maturing in November.

 

 

Results for the second quarter of 2018

 

 

THE COMPANY GENERATED CASH FLOW FROM OPERATING ACTIVITIES OF $8.3 MILLION IN THE SECOND QUARTER OF 2018 FOR REVENUES OF $19.4 MILLION

 

All amounts are in Canadian dollars.

 

 

Highlights for the second quarter of 2018
(Compared to the same period in 2017)

 

  • INCREASE OF IN GOLD PRODUCTION OF 31%

    Gold production of 11,716 ounces (364.4 kg) compared to 8,965 (278.8 kg) ounces for the same period in 2017     

  • INCREASE IN SALES (REVENUES) OF 27%

    Gold sales of $19.4 million compared to $15.2 million for the same period of 2017  

  • INCREASE IN ADJUSTED NET RESULTS ATTRIBUTABLE TO SHAREHOLDERS1 OF 70%

    Net income attributable to equity shareholders1 of $4.8 million or $0.008 per action1 compared to $2.8 million or $0.005 per action1 for the same period in 2017

  • INCREASE IN CASH FLOWS FROM OPERATING ACTIVITIES2 OF 20%

    Cash flows from operating activities2 of $8.3 million or $0.014 per action1 compared to $2.8 million or $0.012 per action1 for the same period in 2017

  • DECREASE IN THE COMPANY’S LIABILITIES OF $3 MILLION

    Decrease in the Company’s liabilities of $3 million compared to March 31, 2018     

  • INCREASE IN EQUITY OF $2.4 MILLION

    Increase in value to the shareholders (book value) of $2.4 million compared to March 31, 2018

 

 

Mining operation: Nampala, Mali

 

 

      Second quarters
ended June 30,
      First halves
ended June 30,
 
  2018   2017   2018   2017  
Operating Data        
Ore mined (tonnes) 448,974   379,720   940,316   650,441  
Ore processed  (tonnes) 436,224   381,973   881,450   741,918  
Waste mined (tonnes) 819,691   615,750   1,867,561   1,232,317  
Operational stripping ratio* 1.8   1.6   2.0   1.9  
Head grade  (gpt) 0.94   0.77   0.93   0.85  
Recovery (%) 86.3 % 85.9 % 85.1 % 85.9 %
Gold ounces produced 11,716   8,965   23,705   16,735  
Gold ounces sold 11,481   8,987   23,470   16,535  
Financial Data        
(rounded to the nearest thousand dollars)        
Revenues – Gold sales 19,376,000   15,207,000   39,949,000   27,613,000  
Mining operation expenses 6,226,000   4,941,000   13,199,000   9,660,000  
Mining royalties 630,000   363,000   1,302,000   657,000  
Administrative expenses 1,569,000   1,480,000   3,117,000   2,296,000  
Depreciation of property, plant and equipment and amortization of intangible assets 2,918,000   1,940,000   5,824,000   3,537,000  
Segment operating income 8,033,000   6,483,000   16,507,000   11,463,000  
Statistics        
(in Canadian dollars)        
Average realized selling price per ounce 1,688   1,692   1,702   1,670  
Cash operating cost per tonne processed3 14   11   14   12  
Total cash cost per ounce sold3 597   590   618   624  
All-in sustaining cost per ounce sold3 921   872   971   905  
Administrative expenses per ounce sold 137   165   133   139  
Depreciation of property, plant and equipment per ounce sold 254   216   248   214  

 

ROBEX’S MD&A and the consolidated financial statements are available on the Company’s website in the Investors section at: Robexgold.com. These reports and other documents produced by the Company are also available at Sedar.com.

 

 

Annual General Shareholders’ Meeting

 

 

Robex Resources Inc. held their annual general shareholders meeting on June 7, 2018 in Quebec City.

 

 

At this meeting, the following directors were re-elected for a one-year term: Mr. Georges Cohen, Mr. Julien Cohen, Mr. Benjamin Cohen, Mr. Richard Faucher, Mr. Michel Doyon, Mr. Claude Goulet and Mr. Christian Marti.

 

 

Mr. Georges Cohen and Mr. Richard Faucher were elected by the directors of the Company respectively as President and Vice-president of the Board of Directors. In addition, the following directors were re-elected as members of the Company’s audit committee for a one-year term: Mr. Julien Cohen, Mr. Michel Doyon and Mr. Claude Goulet.

 

 

Robex Resources Inc. shareholders voted in favor of the appointment of PricewaterhouseCooper LLP / s.r.l / s.e.n.c.r.l., who will be responsible for the audit of the Company’s financial statements for the year ended December 31, 2018.

 

Posted August 30, 2018

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