http://www.moneyam.com/action/news/showArticle?id=5351718
31 May 2016
Weatherly International plc
("Weatherly" or "the Company")
Rescheduling of repayment
Weatherly has previously advised that if copper prices remain at current levels it is unlikely that the Company and its subsidiaries (the "Group") will generate sufficient surplus cash to meet all loan repayments when due.
The first rescheduled instalment of Tranche B of the facility between Orion Mine Finance (Master) Fund I LP ("Orion") and the Group was due today, 31st May 2016. Following discussions between the Company and Orion, which is also the Company's largest shareholder, Orion and the Company have agreed in principle to defer the payment of this instalment. Finalisation of definitive documentation for these arrangements is underway and is expected to be concluded within a short period.
Further announcements on these arrangements will be made in due course.