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Orion Minerals lender extends loan due date to June

24th January 2020

By: Marleny Arnoldi

Online News Editor

     

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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.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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