30 Oct 2015 16:18
Origo Partners PLC
("Origo" or the "Company")
Replacement re Kincora Copper Limited
The following amendment has been made to the 'Announcement re Kincora Copper Limited' announcement released on 23 October 2015 at 11:49 under RNS number 2576D.
The Existing Note and the Replacement Note are denominated in CAN$ and not US$.
The full amended text is shown below.
Origo Partners PLC
("Origo" or the "Company")
Kincora Copper Limited
The Company notes the announcement made by its investee company, Kincora Copper Limited ("Kincora"), and confirms that Kincora and Origo have reached agreement for the renegotiation of Kincora's obligations under the CAN$2.5 million 8.7% note held by Origo (the "Existing Note") which became payable as of 19 July 2015 (the "Agreement").
Under the terms of the Agreement, the Existing Note, and Kincora's outstanding obligations thereunder including payment of principal, shall fall away and Kincora will issue a new note (the "Replacement Note") to Origo in the principal amount of CAN$2,500,000. The Replacement Note shall become due and payable on 21 October 2016 and shall bear an interest rate of 8.7% per annum, payable on maturity in cash or shares of Kincora, at Origo's election.
The Replacement Note is also convertible during the term of the Replacement Note at Origo's election as and when Kincora undertakes an equity financing of not less than CAN$500,000, with conversion being on the same terms as any such equity financing.
Kincora has also agreed to place CAN$500,000 in escrow during the term of the Replacement Note, which can be called upon by Origo at its sole discretion.
For further information about Origo please visit www.origoplc.com or contact:
Origo Partners plc Niklas Ponnert |
niklas@origoplc.com
|
Nominated Adviser Smith & Williamson Corporate Finance Limited Azhic Basirov Ben Jeynes
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+44 (0)20 7131 4000 |
Public Relations Aura Financial Andy Mills
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+44 (0)20 7321 0000 |