Business
Orion US$25m Funding Package Update - Replacement
Orion US$25m Funding Package Update - Replacement.
About this update from Andrada Mining Limited
[{"type":"text","content":"\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.\nThe following amendments have been made to the \"Orion US$25 Million Funding Package Update\" announcement released on 15 August 2023 at 7:00 am under RNS No 3523J.\nUnder the \"Warrants\" heading below, the wording:\n\"the Company will issue OMF Limited with warrants to subscribe for up to US$20m of ordinary shares in Andrada at a price of 9.45p. (\"Orion Warrants\").\"\nNow reads:\n\"the Company will issue OMF Limited with warrants to subscribe for circa 15,000,000 - 20,000,000 ordinary shares in Andrada depending on the exchange rate at the time of issuance, which warrants can be exercised at a price of 9.45p. (\"Orion Warrants\"). The number of warrants allocated is based on 2 warrants for every equivalent pound sterling in relation to the US$10 million Convertible Loan Note instrument.\"\nAll other details remain unchanged.\nThe full amended text is shown below:\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 i...