10:07 AM EST - Turquoise Hill Resources Ltd. : Provided an update on developments with respect to its ongoing engagement with the Company's controlling shareholder, Rio Tinto plc, concerning the long-term funding of Oyu Tolgoi LLC. On September 9, 2020, Turquoise Hill and Rio Tinto signed a non-binding Memorandum of Understanding (MOU) concerning the funding of Oyu Tolgoi that reflects the parties' understanding to pursue a re-profiling of existing project debt in line with current cash flow projections, including by deferring scheduled principal repayments and extending tenors (Re-profiling). The MOU also reflects the parties' understanding with respect to the raising of supplemental senior debt (SSD), the process for identifying and considering other funding options, and the scope and timing for a Turquoise Hill equity offering (to the extent required) to address any remaining funding gap with respect to Oyu Tolgoi, all within the framework of existing agreements between Turquoise Hill and Rio Tinto. Turquoise Hill Resources Ltd.
shares T.TRQ are trading down $0.34 at $1.15.
