Acron Released 3rd Tranche of Silvinit Common Shares
OREANDA-NEWS On 25 September Acron announced that the third tranche of 280,000 common shares in Silvinit held by Acron was released from the custody of Sberbank.
In May 2008, Sberbank of Russia extended a RUB 13,441 million non-revolving credit facility to Acron for a period of 7 years.
The purpose of the facility was to extend financing to Verkhnekamskaya Potash Company, a subsidiary of Acron, to cover payments and charges associated the exploration and development of the Talitsky lot of the Verkhnekamsky potash deposit (Perm region) under the terms of the subsoil license. To secure the facility, Acron pledged 634,000 shares in Silvinit, which represents 8.1 per cent of the common stock of the latter.
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