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The company has repaid the outstanding loan balance of US$13,570,286 owing to a syndicate of banks, led by Halifax Bank of Scotland, since its IPO in 1999 with security over Roc’s UK assets in favour of the lenders.
The outstanding balance of the loan was recently repaid from existing cash reserves, releasing the security over the UK assets and leaving the company debt free with net cash of $101.4 million.
In order to implement its planned development and exploration program, Roc now plans to raise additional funding to supplement its existing cash reserves and expected cash flow from producing assets. In this context, Roc is in discussions with various parties to access additional funds through a new corporate loan facility for up to US$50 million.
Roc has also been in discussions with International Finance Corporation in relation to a mezzanine finance facility. Arrangements in relation to this additional funding are planned to be completed by year end 2004.
