2 September 2016
GLOBAL RESOURCES INVESTMENT TRUST PLC
("GRIT" or the "Company")
Having previously sold 2,900,000 shares in Merrex Gold at a price of CAD 0.17, the Company has entered into an agreement to sell the balance of its holding of 26,100,000 shares at the same price, realising CAD 4,437,000 (£2.6m at the current rate of exchange).
This sale is expected to complete within 90 days.
On receipt of the proceeds of the sale, the Company expects, as referred to in the announcement of 23 August 2016, to repay the remaining £2.5 million nominal of 9% Convertible Unsecured Loan Stock 2017 ("Loan Stock") held by LIM Asia Multi-Strategy Fund Inc. Following this, there will remain in issue £1.2 million of Loan Stock held by other parties.
David ("Sam") Hutchins,
RDP Fund Management LLP
Tel: +(0) 7290 8540
R&H Fund Services Limited
Company Secretary and Administrator
Tel: +(0) 131 550 3760
This information is provided by RNS