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.