Weatherly International PLC Rescheduling of Repayment - Agreement Concluded (9663Z)
02 June 2016 - 4:00PM
UK Regulatory
TIDMWTI
RNS Number : 9663Z
Weatherly International PLC
02 June 2016
2 June 2016
Weatherly International plc (AIM:WTI)
("Weatherly" or "the Company")
Rescheduling of repayment - agreement concluded
Summary
Further to the announcement of 31 May 2006, Weatherly announces
that it has formally concluded a further amendment and restatement
agreement with Orion Mine Finance (Master) Fund I LP ("Orion") in
relation to the facility agreement between Orion and the Company's
subsidiary Ongopolo Mining Limited (the "Amended Facility"). Under
the Amended Facility, the first repayment of Facility B Loans has
been deferred to 28 February 2017. The Facility B Final Maturity
Date remains unchanged at 29 February 2020, and each Facility B
repayment will be increased accordingly. The repayment schedules of
Facilities C and D remain unchanged.
Debt Financing and rescheduling of repayments
Weatherly announces that, following discussions with Orion, it
has entered into a further amendment and restatement agreement with
Orion. Under the Amended Facility, the first repayment of Facility
B Loans has been deferred to 28 February 2017 and Orion has agreed,
effective until 28 February 2017, to limit its acceleration and
enforcement rights on the terms set out in the Amended Facility.
The Facility B Final Maturity Date remains unchanged at 29 February
2020, and each Facility B repayment will be increased so that the
Facility B Loans will be repayable in 13 equal repayments.
As a loan rescheduling fee, Orion will receive, inter alia, the
right to buy 700 tonnes of cathode each month from Ongopolo Mining
Limited for the period from 1 July 2016 to 31 May 2017 at a price
of US$5000 per tonne (the "Updated Offtake Terms").
The repayment of the US$8.6 milllion lent under Facilities C and
D of the Amended Facility remains unchanged with Facility C due for
repayment on 31 August 2016 and Facility D on 9 December 2016.
About Orion and Related Party Disclosure
Orion is a related party of the Company by virtue of being a
substantial shareholder in the Company and consequently the entry
into of the Amended Facility and the Updated Offtake Terms are
deemed to be a related party transaction under the AIM Rules for
Companies. The independent directors of Weatherly (being all of the
directors other than Edwin Bennett, by virtue of his association
with Orion) consider, having consulted with Weatherly's nominated
adviser, RFC Ambrian, that the terms of the Amended Facility and
the Updated Offtake Terms are fair and reasonable insofar as
Weatherly's shareholders are concerned.
For further information please contact:
Weatherly International plc +44 (0) 20 7936 9910
Craig Thomas, Chief Executive Officer
Kevin Ellis, CFO and Company Secretary
RFC Ambrian Limited +44 (0) 20 3440 6800
(Nominated Adviser & Broker)
Stephen Allen / Kim Eckhof
Blytheweigh +44 (0) 20 7138 3204
(Financial PR)
Tim Blythe / Camilla Horsfall / Megan Ray
About Weatherly
Weatherly is an AIM listed copper mining company operating in
Namibia in southern Africa. Its principal assets are one operating
open pit copper mine called Tschudi and two underground copper
projects called Otjihase and Matchless.
These assets will enable Weatherly to achieve its medium term
goal of establishing a mining business capable of sustaining
approximately 25,000 tonnes per annum of copper production.
The Company also has a 25 per cent. stake in the AIM listed
company, China Africa Resources plc (AIM: CAF), which is developing
a lead/zinc mine called Berg Aukas, also in Namibia.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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