The due date of ASX- and JSE-listed Orion Minerals’ loan facility with Tembo Capital has been extended to June 25, from January 25.
Orion secured the $3.6-million convertible loan facility with Tembo Capital last year.
Orion said in a statement on Friday that the term extension ensured that proceeds from the company’s recent capital raisings could be used to progress the redevelopment of the Prieska copper/zinc project, in South Africa’s Northern Cape province.
Instead of a cash payment, Tembo may elect to receive the balance of the loan facility through the issue of Orion shares at a price of $0.026 apiece.
At the end of December, the balance of the loan facility was $4.02-million, which includes capitalised interest and fees.