Uncategorized
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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