This announcement contains inside information
31 August 2016
Weatherly International plc (AIM:WTI)
("Weatherly" or "the Company")
Rescheduling of repayment
Further to the announcement of 2 June 2016, Weatherly announces that it has formally concluded a further amendment and restatement agreement with Orion Mine Finance (Master) Fund I LP ("Orion") in relation to the facility agreement between Orion and the Company's subsidiary Ongopolo Mining Limited (the "Amended Facility"). Under the Amended Facility, the repayment of Facility C has been deferred to 28 February 2017 and interest accruing on the loan made under Facility C shall be capitalised.
Debt Financing and rescheduling of repayments
Weatherly announces that, following discussions with Orion, it has entered into a further amendment and restatement agreement with Orion. Under the Amended Facility, the repayment of Facility C has been deferred to 28 February 2017 and Orion agrees effective until 28 February 2017, to limit its acceleration and enforcement rights during this period on the terms set forth in the Amended Facility. No additional fees have been charged for this amendment to the Facility agreement and there are no changes to the offtake agreement.
The repayment dates of Facilities B and D of the Amended Facility remains unchanged. Facility D is due to be repaid on 9 December 2016 and Facility B is due to be repaid in 13 equal quarterly instalments with the first repayment due on 28 February, 2017 and the final repayment due to be paid on 29 February 2020.
For further information please contact:
Weatherly International plc +44 (0) 20 7936 9910
Craig Thomas, Chief Executive Officer
Kevin Ellis, CFO and Company Secretary
RFC Ambrian Limited +44 (0) 20 3440 6800
(Nominated Adviser & Broker)
Stephen Allen / Kim Eckhof
Blytheweigh +44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall / Megan Ray
Weatherly is an AIM listed copper mining company operating in Namibia in southern Africa. Its principal assets are one operating open pit copper mine called Tschudi and two underground copper projects called Otjihase and Matchless.
These assets will enable Weatherly to achieve its medium term goal of establishing a mining business capable of sustaining approximately 25,000 tonnes per annum of copper production.
The Company also has a 25 per cent. stake in the AIM listed company, China Africa Resources plc (AIM: CAF), which is developing a lead/zinc mine called Berg Aukas, also in Namibia.
This information is provided by RNS