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News Breaks | | | | March 5, 2013 | | 08:05 EDT |  | KGJI | Kingold Jewelry secures $28.3M of gold under Gold Leasing Framework Agreement
Kingold Jewelry announced that it signed a Gold Leasing Framework Agreement with the Wuhan branch of Shanghai Pudong Development Bank. The new Agreement establishes the basic framework for Kingold to lease gold from SPD Bank under a total credit line of approximately $32.1M, with actual gold leases under the Agreement made pursuant to separate lease agreements that specify the weight of gold leased, the settlement price, the lease term and the lease rate. SPD Bank began leasing gold to Kingold under the Agreement in February, and Kingold has entered into two lease agreements under the Agreement for an aggregate 530 kilograms of gold having a market price of approximately $28.3M. | |
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