CIL – extended waiver and debt standstill

CIL shareholders are referred to the Company’s announcement published on SENS on 15 February 2018 (“the 15 February 2018 announcement”) providing information with regards to the extended waiver and debt standstill agreed with its funders for the period ending 28 February 2019. In the 15 February 2018 announcement, it was stated that CIL had commenced a process of reviewing and evaluating its optimal long-term funding requirements and capital structure, and that the Company would provide an update to its stakeholders by no later than 31 March 2018.

The Company, working with its external advisers Rand Merchant Bank, has made significant progress in evaluating its funding requirements for the execution of its strategy.

The process is ongoing and it is the intention of the Company to provide detailed feedback with respect to this process when successfully concluded, which is anticipated to be by the end of April 2018.

The successful outcome of this engagement should improve the sustainability and prospects of the Company for the benefit of all stakeholders concerned.

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