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ORVANA ANNOUNCES THE CLOSING OF A Euro15 MILLION SYNDICATED LOAN IN SPAIN
ORVANA ANNOUNCES THE CLOSING OF A €15 MILLION SYNDICATED LOAN IN SPAIN C...
About this update from Orvana Minerals Corp.
[{"type":"text","content":"\n \n \n \n ORVANA ANNOUNCES THE CLOSING OF A €15 MILLION SYNDICATED LOAN IN SPAIN\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX:ORV\n \n \n \n \n TORONTO\n \n ,\n \n Dec. 23, 2021\n \n /CNW/ -\n \n Orvana Minerals Corp.\n \n (TSX: ORV)\n \n (\"Orvana\")\n \n is pleased to confirm its\n \n November 30\n \n \n th\n \n 2021 press release, by announcing the closing of a €15 million syndicated loan (the \"\n \n Syndicated Loan\n \n \") with two\n \n Spain\n \n -based banks, through its wholly-owned subsidiaries in\n \n Spain\n \n , Orvana Minerals Iberia S.L.U. (\"\n \n Iberia\n \n \") and Orovalle Minerals S.L. (\"\n \n Orovalle\n \n \"). Orvana will use the proceeds to fund the development of the Taguas Project in\n \n Argentina\n \n and structural capital expenditures in\n \n Spain\n \n .\n \n \n Orvana's Chief Executive Officer,\n \n Juan Gavidi\n \n , said:\n \n \"The closing of the financing places us in a very strong position to materially advance the Taguas Project in\n \n Argentina\n \n and reinforce the growth strategy in\n \n Spain\n \n \". He added \"We continue building on our relationship with long term financial partners, allowing us to access to financing at a very attractive interest rate\".\n \n \n \n \n Key terms of the Syndicated Loan:\n \n \n \n \n Principal:\n \n €15M\n \n ;\n \n \n Interest Rate:\n \n Euribor plus 2.5% per annum;\n \n \n \n Structuring Fee:\n \n 1.5%\n \n \n \n Term:\n \n 4-year;\n \n \n \n Orvana's obligations are secured by the pledge of Orovalle and Iberia's shares;\n \n \n Among other obligations, the ratio net finance debt to EBITDA calculated based on the aggregated financial information of Orovalle and Iberia, must be, throughout the life of the financing, less than 3.5.\n \n \n \n \n ABOUT ORVANA\n \n - Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern\n \n Spain\n \n , the Don Mario gold-silver property in\n \n Bolivi...