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Orvana Announces US$ 12.5 million Prepayment Financing with Samsung C&T
Orvana Announces US$ 12.5 million Prepayment Financing with Samsung C&T Orvana...
About this update from Orvana Minerals Corp.
[{"type":"text","content":"\n\n\n\nOrvana Announces US$ 12.5 million Prepayment Financing with Samsung C&T\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\n\n\n\n\n\nOrvana Announces US$ 12.5 million Prepayment Financing with Samsung C&T\nCanada NewsWire\nTORONTO, July 27, 2016\n\n\n\nTSX:ORV\n\n\n\nTORONTO, July 27, 2016 /CNW/ - Orvana Minerals Corp. (TSX:ORV) (the \"Company\" or \"Orvana\") is pleased to announce that it has entered into a $12.5 million copper concentrates and gold doré prepayment agreement (the \"Facility\") with Samsung C&T U.K. Ltd. (\"Samsung C&T\"). All dollar figures are in US unless otherwise expressed.\n\nJeff Hillis, Interim Chief Executive Officer, said, \"We are very pleased to announce this commercial and financing partnership with Samsung, a reputable and well-recognized global corporation.  We are very proud that, after detailed due diligence by Samsung, Orvana's gold and copper production will form part of its future plans. The successful completion of this transaction, at a competitive cost of capital, represents a significant achievement for Orvana. The financing proceeds will allow us to expedite planned development and infrastructure investments at our El Valle Mine in Spain, as we continue on the path to increase metal production and lower unitary costs at the operation. Along with our recent announcement on May 30, 2016 of the US$7.9 million financing for the recommissioning of the CIL circuit at our Don Mario Mine in Bolivia, we believe that Orvana is now well-positioned for the future and will be able to capitalize on strengthening precious metals markets.\"\n\nUnder the terms of the Facility, Orvana will sell gold doré from its El Valle Mine in Spain and copper concentrate from its Don Mario Mine in Bolivia to Samsung C&T, on an exclusive basis for a period of thirty months (the \"Facility Term\"). In exchange, Orvana will receive $12.5 million in prepayment financing from Samsung C&T in two instalments. The first instalment of $8.0 million will be drawn upon closing and will be repaid beginning twelve months after drawdow...