This news was January 2014 only a few moths ago. so GUF have...

This news was January 2014 only a few moths ago. so GUF have funds and are expecting to sell coal in Q1. well they may have missed Q1 but they are still Q2? so with a bit of luck this could end up being and great recovery story......




Guildford Coal (ASX: GUF) has received US$65 million in funds from OCP Asia to repay existing debt and for working capital purposes related to its Mongolian assets.

OCP Asia is an Asia-focused alternative investment fund manager with offices in Singapore and Hong Kong.

This will help ensure that the company’s Baruun Noyon Uul coking coal mine’s first sale of coal into China will be delivered during the first quarter of 2014.

The funds consist of US10 million in exchange for the issue of convertible notes and US$55 million in exchange for the issuance of Amortising Notes as well as Detachable Warrants equal to 18.5% of the Amortising.

Guildford had in December completed a key 98 kilometre current haul road connecting the Baruun Noyon Uul mine with the coal distribution hub at Ceke, at the China border.

Development activities at The Mine have continued including mine advancement, additional key mining equipment delivered and facilities construction. The mine is currently being assessed by the Mongolian authorities for the purpose of commissioning.