Orion secures $500 000 loan facility
Australia- and Johannesburg-listed Orion Minerals has announced that Tarney Holdings, a company of which Orion's chairperson, Denis Waddell, is a director and shareholder, has continued its strong support of Orion by providing an unsecured loan facility of up to $500 000.
Proceeds from the loan facility will be used principally for working capital.
As part of the loan facility agreement, interest is capitalised at 10% a year.
Orion says the repayment date will be the earlier of completion by Orion of a funding transaction sufficient to repay the loan funds, or September 30, or such later date as agreed between the parties in writing.
Orion is focused on the development of its flagship Prieska copper/zinc mine, as well as the Okiep copper project and the Jacomynspan nickel/copper/platinum-group-element project. The projects are also located in South Africa’s Northern Cape province.
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