Tri-Star Resources Plc - Update on SPMP
PR Newswire
London, January 8
Tri-Star Resources PLC / AIM: TSTR / Sector: Natural Resource
9 January 2020
Tri-Star Resources plc ("Tri-Star" or the "Company")
Update on SPMP
Tri-Star Resources plc (AIM: TSTR), the minerals processing company, announces an update on its investment in Strategic & Precious Metals Processing LLC ("SPMP") an antimony and gold production facility in the Sultanate of Oman in which the Company holds a 40% equity interest. The other joint venture partners are The Oman Investment Fund ("OIF") (40% equity holder) and DNR Industries Limited, part of Dutco Group in Dubai (20% equity holder).
Following a USD 16 million cash injection by OIF into SPMP and consequent payments made by SPMP to its bankers, the Board of Tri-Star has been informed that SPMP is no longer in technical default on its loans to Bank Nizwa SAOG and Alizz Islamic Bank SAOG.
Negotiations between the shareholders of SPMP continue as to how the short term financing (including the USD 16 million referred to above) to SPMP will be structured and on what terms.
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No. 596/2014 until the release of this announcement.
**ENDS**
For further information, please visit www.tri-starresources.com or contact:
| Tri-Star Resources plc David Facey, CEO/ CFO | c/o SBP Tel: +44 (0)20 7236 1177 |
| St Brides Partners (Financial PR) Isabel de Salis / Beth Melluish | Tel: +44 (0)20 7236 1177 |
| SP Angel Corporate Finance (Nominated Adviser) Robert Wooldridge / Jeff Keating | Tel: +44 (0)20 3470 0470 |
| finnCap Ltd (Broker) Scott Mathieson / Camille Gochez | Tel: +44 (0)20 7220 0500 |
Notes to Editors:
Tri-Star's principal interest is in an antimony and gold production facility (the "SPMP Project"). The SPMP Project is based in Sohar, Sultanate of Oman, and is being developed by Strategic & Precious Metals Processing LLC ("SPMP"), an Omani company in which Tri-Star has a 40% equity interest.
