Business
Development Bank of Namibia financing concluded
Development Bank of Namibia financing concluded.
About this update from Andrada Mining Limited
[{"type":"text","content":"\n\n5 September 2023\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information will be in the public domain.\nAndrada Mining Limited\n(\"Andrada\" or the \"Company\"\nand with its subsidiaries, the \"Group\")\nConclusion of the Development Bank of Namibia financing.\nFinancing to improve tin recovery up to 69%.\nFurther to the announcement of 15 August 2023, Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), an African technology metals mining company with a portfolio of mining and exploration assets in Namibia, is pleased to confirm that the Development Bank of Namibia (\"DBN\") has served notice confirming that all conditions have been fulfilled or waived and that financial close has occurred. Accordingly, the Group is in the process of requesting the drawdown of the NAD100 million (cUS$5.8m) facility (\"the Funds\") which are expected to arrive this week. These Funds will be used to expedite the implementation of the Uis Mine Stage II Continuous Improvement Project (\"CI2\").\nHIGHLIGHTS\n§ Funding is ring-fenced for the implementation of the Uis Mine CI2.\n§ As set out in the announcement of 5 June 2023, the terms are:\n- Term of 10 years ranked as senior secured debt pari passu to the Standard Bank Namibia loan.\n- No interest or capital repayments for the initial 12 months after execution.\n- Interest will accrue at Namibian prime lending rate (currently 11.5%) plus 2.5% per annum.\nAnthony Viljoen, Chief Executive Officer, commented:\n\"The conclusion of the DBN funding is an essential component of the overall funding and development strategy. These proceeds will be used to implement the improvements at Uis Mine which will enhance the plant's productivity and output. The targeted increase in the tin recovery rate should complement the royalty portion of the Orion funding by enabling Andrada to achieve the requisite thresholds of concentrate tonnages. The improvement in cost efficiencies and overall productivity at Uis, lays the fo...