Orion receives extended bridge loan term to progress Northern Cape projects
ASX- and JSE-listed exploration and development company Orion Minerals has received an extension on its $6-million bridge loan term from mining-focused private equity group Tembo Capital, from May 31 to September 30.
In August 2017, Orion announced that a $6-million bridge loan facility had been agreed with Tembo Capital Mining Fund.
In addition to the bridge loan, Tembo’s affiliate, Ndovu Capital, subscribed for 73-million ordinary Orion shares, through the placement of shares to raise $1.75-million at an issue price of 2.4c a share.
Under the terms of the bridge loan, Orion agreed to use best endeavours to undertake a capital raising by December 15, 2017, which was then extended to May 31, to raise additional equity to progress its flagship Prieska zinc/copper project’s bankable feasibility study and to continue its South African exploration programmes – on the company’s nickel/copper/cobalt and zinc/copper exploration projects within the Areachap Belt.
The Prieska project and the Areachap Belt exploration projects are located in South Africa’s Northern Cape.
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