Orion Minerals has announced that mining-focused, private equity group Tembo Capital Mining, has confirmed its continued support of Orion through an extension to the term of the $3.6 million loan facility from 25 June 2020 to 31 October 2020.
On 25 January 2019, Orion announced that a $3.6 million unsecured convertible loan facility had been agreed with Tembo Capital.
Under the terms of the Loan Facility, Tembo Capital may elect for repayment of the balance of the Loan Facility to be satisfied by the issue of fully paid ordinary shares by Orion to Tembo Capital at a deemed issue price of $0.026 per Share (subject to shareholder and Foreign Investment Review Board approvals).
The Outstanding Amount must be repaid by 31 October 2020 (previously 25 June 2020), or if Tembo Capital elects to receive Shares in repayment of the Outstanding Amount in lieu of payment in cash, the date on which the Shares are to be issued to Tembo Capital (or such later date as may be agreed between Tembo Capital and Orion).
Read more about mining in southern Africa
As at 31 May 2020, the balance of the Loan Facility was $4.54 million (including capitalised interest and fees).
Read more about the Prieska Copper-Zinc Project