Weatherly International PLC Rescheduling of repayment (4837R)
December 09 2016 - 8:46AM
UK Regulatory
TIDMWTI
RNS Number : 4837R
Weatherly International PLC
09 December 2016
09 December 2016
Weatherly International plc (AIM:WTI)
("Weatherly" or "the Company")
Rescheduling of repayment
Summary
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 repayment
of Facility D has been deferred to 28 February 2017 and interest
accruing on the loans made under Facility D shall be
capitalised.
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 repayment of Facility D has
been deferred to 28 February 2017 and Orion agrees effective until
28 February 2017, to limit its acceleration and enforcement rights
during this period on the terms set forth in the Amended Facility.
No additional fees have been charged for this amendment to the
facility agreement and there are no changes to the offtake
agreement.
The repayment dates of Facilities B and C of the Amended
Facility remain unchanged. Facility C is due to be repaid on 28
February 2017 and Facility B is due to be repaid in 13 equal
quarterly instalments with the first repayment due on 28 February
2017 and the final repayment due to be paid on 29 February
2020.
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)
Nominated adviser contact: Stephen Allen / Bhavesh Patel
Broker contact: Kim Eckhof
Blytheweigh +44 (0) 20 7138 3204
(Financial PR) Tim Blythe / Camilla Horsfall / Nick Elwes
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 30,000 tonnes per annum of copper production.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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