Under the amended facility, the first repayment of Facility B Loans has been deferred to 28 February 2017.
The facility B final maturity date remains unchanged at 29 February 2020, and each facility B repayment will be increased accordingly. The repayment schedules of Facilities C and D remain unchanged.
As a loan rescheduling fee, Orion will receive, inter alia, the right to buy 700 t of cathode each month from Ongopolo Mining (an Orion subsidiary) for the period from 1 July 2016 to 31 May 2017 at a price of US$5000/t.
The repayment of the $8.6 milllion lent under facilities C and D of the amended facility remains unchanged with facility C due for repayment on 31 August 2016 and facility D on 9 December 2016.
The independent directors of Weatherly International (being all of the directors other than Edwin Bennett, by virtue of his association with Orion) consider, having consulted with Weatherly Interntational’s nominated adviser, RFC Ambrian, that the terms of the amended facility and the updated offtake terms are fair and reasonable insofar as its shareholders are concerned.