NORD SUBSIDIARY ARRANGES FINANCING FROM COMMONWEALTH DEVELOPMENT CORP.
NORD SUBSIDIARY ARRANGES FINANCING FROM
COMMONWEALTH DEVELOPMENT CORP.
DAYTON, Ohio, Nov. 21 /PRNewswire/ -- Nord Resources Corporation (NYSE: NRD) announced today that its wholly owned subsidiary, Sierra Rutile Limited, has accepted a letter of offer from the Commonwealth Development Corporation ("CDC"), the development bank of the government of Great Britain, for a loan of US $13,000,000 in connection with the ongoing improvements being made at SRL's rutile mining operations in Sierra Leone. The company anticipates that the loan, which was approved on Nov. 6, 1991, by the board of CDC, is the first portion of a total financing in the amount of between US $45-50 million being negotiated with several international development banks.
Under the terms of the letter of offer from CDC, the loan is subject to financing being agreed to by at least one other development bank, CDC obtaining certain agreements from third parties, negotiation and clarification of certain issues with CDC and preparation of definitive agreements.
Based on the CDC letter of offer and discussions with the other development banks, the company anticipates obtaining at least one other commitment in 1991 and initial funding during the first calendar quarter of 1992.
Nord Resources Corporation is a major producer of rutile (a premium titanium dioxide mineral), kaolin and perlite and holds a significant interest in Nord Pacific Limited (NASDAQ: NORPF), a company engaged in the exploration for and development of precious, strategic and base metals.
/CONTACT: Terence H. Lang, senior vice president-finance; or Susan Shahan, director of shareholder relations, both of Nord Resources Corporation, 513-437-6307/
(NRD) CO: Nord Resources Corporation ST: Ohio IN: MNG SU: KK -- CL008 -- 5847 11/21/91 11:31 EST