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viewAfarak Group PLC

Afarak secures funding with combination of an chrome ore off-take agreement, several financing deals

Under the off-take agreement, the group said it will deliver goods from its South African mines from July 2019 to July 2023 and against these deliveries will receive prepayment

Funding
In addition, Afarak said, it has made several financing agreements at standard market terms for the industry

Afarak Group PLC (LON:AFRK) said late on Wednesday that it has made agreements regarding its funding after securing the combination of an off-take agreement for chrome ore and several financing deals.

Under the off-take agreement, the group said it will deliver goods from its South African mines from July 2019 to July 2023 and against these deliveries will receive a prepayment for the goods.

READ: Afarak Group to issue new shares to increase interests in South Africa assets

In addition, Afarak added, it has made several financing agreements at standard market terms for the industry.

Through the above arrangements, the company said it will have secured ample funding to proceed with the repurchase of shares as well as ensuring a satisfactory conduct of the regular business operations.

It added that the authorisation to execute a public tender offer for its own share was conditional, among other things, on funding with acceptable terms and conditions and it said this condition has now been met.

Quick facts: Afarak Group PLC

Price: 25 GBX

LSE:AFRK
Market: LSE
Market Cap: £62.67 m
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