2nd Jun 2016 08:15
LONDON (Alliance News) - Namibia-focused coppper cathode producer Weatherly International PLC on Thursday said it has agreed with Orion Mine Finance (Master) Fund I LP changes to the facility agreement between Orion and Weatherly's operating subsidiary Ongopolo Mining Ltd.
Under the amended facility, the first repayment of Facility B loans has been deferred to February 28, 2017. The Facility B final maturity date remains unchanged at February 29, 2020, and each Facility B repayment will be increased so that loans will be repayable in 13 equal installments.
The repayment schedules of Facilities C and D remain unchanged, due for repayment on August 31 and December 9, respectively, of this year.
As a loan rescheduling fee, Orion will receive the right to buy 700 tonnes of cathode each month from Ongopolo between July 1, 2016 and May 31, 2017, at a price of USD5,000 per tonne.
Shares in Weatherly were trading up 9.3% at 0.820 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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