Subject: Incept firms US$75 million additional credit line for Africa
Incept Group of Companies (ISIN VGG618061086) confirms that it has an additional US$75 million credit line in place with a U.S. based Investment Bank solely for projects in Africa. The due diligence processes outlined in the previous announcement are now complete (https://www.inceptholdings.com.au/incept-holdings-confirms-a-us80-million-project-credit-line).
This is in addition to the existing US$20 million credit line in place for the Mali project (https://www.inceptholdings.com.au/incept-acquires-us20-million-of-shares-in-mali-resources/) bringing the total project finance exposure in Africa to near US$100 million. The status of this Mali project will be the subject of a separate circular to shareholders.
The initial drawdowns will be utilized in Nigeria (https://www.inceptholdings.com.au/nigerian-coal/) and the intended acquisition and expansion of the operating and revenue-generating Shenglong Copper project in the Congo summarized below. A detailed webpage and shareholder circular will be provided on Shenglong once this transaction is complete.
Incept will be increasing its staff levels to cope with this significant advancement.