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Orion receives extended bridge loan term to progress Northern Cape projects

1st June 2018

By: Marleny Arnoldi

Online News Editor

     

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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.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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