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Anchor Resources pushes back bond maturity, to raise new funds
ANCHOR Resources said on Monday that minority shareholder Gan Huai Shi, who holds S$1 million in par value of non-convertible bonds in the company maturing on Dec 25, has agreed to extend the maturity date for the bonds, with accrued interest for six months to June 25, 2020.
The move comes as the Singapore-listed Malaysia gold mine operator conducts talks to reduce its debt burden.
On Monday, the directors of Anchor Resources reiterated that the company will be able to continue as a going concern. They referenced a letter of support provided by one of Anchor's controlling shareholders, Lim Chiau Woei, to provide funds to help Anchor meet its payment obligations as they fall due and finalise a restructuring plan.
They added: "The board is cognisant of the company's debt obligations that are due or are coming due in the next 12 months and management is in discussion with various parties to raise new funds for the company, which will, inter alia, deal with the full and/or partial settlement of the company's debt."
Anchor Resources shares fell 0.1 Singapore cent or 14.29 per cent to S$0.006 on Monday.