Business
Orion US$25 Million Funding Package Update
Orion US$25 Million Funding Package Update.
About this update from Andrada Mining Limited
[{"type":"text","content":"\n\n\n \n \n\n15 August 2023\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\")\nOrion US$25 Million Funding Package Update\nAndrada Mining Limited (AIM: ATM, OTCQB: ATMTF), the African technology metals mining company with a portfolio of mining and exploration assets in Namibia, is pleased to provide an update on the previously proposed Funding Package with funds managed by Orion Resource Partners (\"Orion\") announced on 15 September 2022. On 11 August 2023, Andrada signed binding documentation for an updated, conditional US$25 million funding package with Orion.\nHIGHLIGHTS\n· US$25 million financing agreements signed (\"Orion Financing\") detailed below:\no US$2.5 million (c£2.0 million) equity at 6.39p and US$10 million (c£7.9 million) Convertible Loan Note (\"the Note\") being for the general purposes of accelerating Andrada's overall strategy of achieving commercial production of its lithium, tin, and tantalum revenue streams.\no US$12.5 million unsecured tin royalty for the sole purpose of increasing Andrada's tin production as it ramps up its capital programmes over the next 2 years.\n· The Company will issue Orion with warrants equivalent to double the GBP value of the US$10 million Convertible Loan Note based on the USD/GBP closing rate at market close on the Orion Issuance Date. Each warrant will enable Orion to subscribe for one ordinary share in the Company (the \"Warrants\").\n· Financing conditional on satisfaction of requirements customary with transactions of this nature and shareholder approval of certain resolutions at the Company's Annual General Meeting (before 29 September 2023).\n· Funding expected to be completed around the end of September 2023.\n· The financing facility from the Development Bank of Namibia also remains on track with drawdown of funds expected in due course pending satisfaction of final...