31st May 2016 17:28
LONDON (Alliance News) - Weatherly International PLC said that the first rescheduled instalment of its facility with Orion Mine Finance (Master) Fund I LP was due Tuesday, however, the two companies have agreed to defer the payment of this instalment.
Orion is also Weatherly's largest shareholder, with an over 24% stake in the company.
Weatherly has previously warned that, if copper prices remain at current levels, it is unlikely it and its subsidiaries will be able to make enough cash to meet all of its loan repayments when due.
Weatherly will make further announcements on its arrangements with Orion in due course.
Shares in Weatherly were up 13% at 0.850 pence Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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