Orion Minerals has announced that Tembo Capital Mining Fund has confirmed its continued support of Orion through an extension to the term of the $3.6 million Loan Facility from 31 October 2020 to 30 June 2021.
On 25 January 2019, Orion announced that a $3.6 million unsecured convertible loan facility had been agreed with Tembo Capital.
Read more about the Prieska Copper-Zinc Project
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 share by Orion to Tembo Capital at a deemed issue price of $0.026 per Share.
The Outstanding Amount must be repaid by 30 June 2021, 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.