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-SUNDANCE RESOURCES - HANLONG SECURES FINANCIER COMMITMENT LETTER FROM CHINA DEVELOPMENT BANK.

Travel Business Review-October 23, 2012--SUNDANCE RESOURCES - HANLONG SECURES FINANCIER COMMITMENT LETTER FROM CHINA DEVELOPMENT BANK(C)2012] ENPublishing - http://www.enpublishing.co.uk

ENP Newswire - 23 October 2012

Release date- 22102012 - Sundance Resources (ASX: SDL) is pleased to announce that Hanlong has secured two Financier Commitment Letters.

The first Financier Commitment Letter, as required by the Scheme Implementation Agreement from China Development Bank (CDB) confirms the in principle agreement of CDB to provide a debt facility of up to US$1.022B subject to satisfaction of its credit approval processes.

The second Financier Commitment Letter has been provided by Bank of Deyang Co., Ltd and confirms their agreement to offer loans to finance the balance of the Scheme Consideration payable by Hanlong (once the CDB loan has been applied) subject to compliance with the banks conditions.

Following certification by Hanlong and its legal advisors, the Sundance Board has concluded that both Financier Commitment Letters are acceptable for the purposes of the Scheme Implementation Agreement (SIA).

Hanlong has now also supplied the information required from it to complete the Scheme Booklet, which will be lodged for ASIC approval in the coming days. This is a required preliminary step prior to the initial court hearing.

Sundance and Hanlong are continuing to work towards holding a Scheme meeting, at which the SDL shareholders will be given the opportunity to vote on the terms of the Scheme, later this year.

To accommodate the process to achieve financial close, the parties have extended the End Date of the SIA from 31 December 2012 to 11 January 2013, with the target date for financial close as 8 January 2013.

Media Contact:

Paul ArmstrongTel: +61 8 9388 1474Email: paul@readcorporate.com.au

[Editorial queries for this story should be sent to newswire@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com)).END.PUB430>PDOctober 23, 2012>JNTRAVEL BUSINESS REVIEW.PRICEDATENOT APPLICABLE.DAY
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Publication:Travel Business Review (TBR)
Date:Oct 23, 2012
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