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ROBEX RESOURCES INC.: Monthly production record for August, partial repayment of non-convertible debentures and obtention of exploration permits

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ROBEX RESOURCES INC.: Monthly production record for August, partial repayment of non-convertible debentures and obtention of exploration permits

 

 

 

 

 

Robex Resources Inc. [TSX-V:RBX) (FWB : RB4] is pleased to announce a new attributable gold production record for August in the amount of 164 kg (5,273 oz) compared to the last record from July of 158 kg (5,080 oz) while thanking the Nampala collaborators for their contribution to this production.

 

Exploration permit in Mali:

 

During the first quarter of 2019, two exploration permits expired, Sanoula and Mininko. An in-depth work was initiated to further explore and explain the group’s development strategy.

 

This work resulted in the following:

 

  • The reissuing of the Sanoula exploration permit (Keniaba Circle); and
  • The issuing of a new exploration permit in the North Diangounté sector (Kayes Circle).

 

For the record, these positive news coincide with larger and more competent internal teams specialized in Mali’s geology and new buildings dedicated to exploration including a core of 700 m², analysis workshops and permanent offices for the geologists.

 

Robex wishes to thank Malian authorities, which took into consideration our exploration efforts.

 

Repayment of non-convertible debentures:

 

Taking into account the current production performance of the Nampala mine and pursuant to the terms of the debentures, the Company has started repaying its non-convertible debentures (the “debentures”) maturing no later than November 26, 2020. On August 29, Robex repaid a third of the capital debentures, amounting to $3,881,000, solely as a result of cash flow generated through operational activities. Robex is expecting to repay another third of the debentures prior to the end of 2019. This early repayment of the debentures, bearing interest at 10% annually, will significantly reduce the Company’s financial expenses.

 

This deleveraging process is done while respecting ongoing investment needs and the schedule of bank maturities.

 

Posted September 13, 2019

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