Orion granted $1m loan
A private equity funder of ASX-listed Orion Minerals has continued its support of the company by providing it with a new unsecured $1-million loan facility.
The terms of the loan facility, provided by Tembo Capital Mining Fund II, include that any amount capitalised under the load facility will be automatically set off against the amount to be paid by Tembo for the issue and allotment of ordinary shares in Orion to Tembo under any capital raising to be undertaken by the company before October 31.
If Orion does not undertake a capital raising by October 31, Tembo may elect to receive shares in repayment of the outstanding amount.
Orion is focusing on the completion of optimisation studies for a bankable feasibility study (BFS) on the Prieska copper/zinc project, in South Africa’s Northern Cape province.
The company initially published a BFS in June last year, but has since undertaken value engineering and optimisation studies to improve the project’s economics.
An updated BFS should be published soon.
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