Increased advancement for Prieska Copper-Zinc Project
Orion Minerals Limited has announce that mining-focused, private equity group Tembo Capital has confirmed its continued support of Orion through an increase in the Loan Facility amount by R18 million to R36 million for Prieska Copper-Zinc Project.
On 14 May 2020, Orion announced that a R18 million unsecured convertible loan facility had been agreed with Tembo Capital.
Under the terms of the Loan Facility, the Loan Facility amount R36 million), interest and any amount capitalised under the loan facility will be automatically set off against the amount to be paid by Tembo for the issue and allotment of ordinary shares in Orion (Shares) to Tembo under any capital raising undertaken by Orion on or before 31 October 2020.
If Orion does not undertake a capital raising by 31 October 2020, Tembo may elect to receive shares in repayment of the outstanding amount.