RusForest AB
RusForest receives USD 10 million Bridge Loan
RusForest AB 15.02.2012 13:42 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- RusForest AB (publ) ('RusForest') has been granted a bridge loan in the amount of USD 10 million from Vostok Komi (Cyprus) Limited, a wholly owned subsidiary of Vostok Nafta Investment Ltd. ('Vostok Nafta'). Stockholm, 2012-02-15 13:42 CET (GLOBE NEWSWIRE) -- During the course of the past months RusForest has been involved in negotiations with a Russian Bank regarding a long term credit facility in the order of the equivalent of about USD 10 million. A preliminary approval was received in December 2011 and the process of finalizing the credit terms and registering the necessary collateral is currently ongoing. The management of RusForest is positive with regards to the chances of being able to secure this credit facility during the first quarter of 2012. However, in order not to lose any momentum within the Company's harvesting and sawmilling operations, RusForest has elected to accept an offer from Vostok Nafta for a USD 10 million bridge loan. The Company expects to issue a separate press release as soon as the expected bank credit has been received - in part or in full. Vostok Nafta is the single largest shareholder of RusForest, controlling about 29.4 per cent of the outstanding shares of RusForest. The loan matures in six months from today and is granted at market terms. The proceeds from the bridge loan will be used for working capital purposes while RusForest is preparing for its previously announced rights issue, subject to the approval of an extraordinary general meeting to be held on 1 March 2012. For further information, please contact: Martin Hermansson, CEO, phone: +7 903 015 64 65, +7 985 921 92 32 or Per Brilioth, Board member, phone: +46 8 545 015 50 About RusForest AB (publ) RusForest is forestry and sawmilling company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company controls long term forest leases with an annual allowable cut of approximately 3.6 million m³, and utilizes these resources to produce a wide range of sawnwood products. Eastern Siberia is renowned for its pine and larch of exceptional quality, while the Arkhangelsk Region in northwest Russia has high quality spruce and pine forests similar to those found in northern Sweden. RusForest's goal is to develop into a leading independent integrated forestry and sawmilling company in Russia with an annual harvesting of 2.7 to 2.9 million m3. The Group's total sawmilling capacity, which is currently approximately 350,000 m3, is expected to, following completion of on-going investments; gradually increase to 500,000 to 550,000 m3 of sawnwood. There is significant potential (of up to 800,000 to 850,000 m3 of sawnwood) within the maximum allowable harvesting. RusForest AB's Certified Adviser on First North is Pareto Öhman AB. News Source: NASDAQ OMX 15.02.2012 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: RusForest AB Sweden Phone: Fax: E-mail: Internet: ISIN: SE0001732728 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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