Weatherly International Plc Regulatory News (WTI)

15 September 2015

Weatherly International plc

("Weatherly" or "the Company")

 Draw-down under Tranche C Facility agreed

Summary

Weatherly International plc (AIM: WTI) announces that it has executed an agreement for the drawdown of US$4 million under it's master facility agreement with Orion Mine Finance (Master) Fund I LP ("Orion").

Craig Thomas, CEO of Weatherly, commented:

"I am pleased to confirm the strong positive support shown by our partner and largest shareholder, Orion, in confirming availability of a US$4 million drawdown under Facility C of our debt facilities."

Debt Financing

The Company announces that, further to the announcement on 8 May 2015, it has executed a further Amendment and Restatement Agreement in relation to it's master facility agreement with Orion Mine Finance Master Fund I LP ("Orion") to enable Weatherly to drawdown US$4 million under Facility C (being the Tschudi project overrun facility). The proceeds from Tranche C will be used to support ongoing requirements for the transition of Central Operations to project development status and for completion of the ramp up of Tschudi. 

The key terms of Facility C include inter alia an interest rate of Libor plus 9% (with a minimum Libor of 2%) which remains unchanged from the terms originally agreed in respect of Facility C in 2013; a drawdown period of 60 days from signing; a due date 350 days after signing the Amendment and Restatement Agreement; and an arrangement fee of US$280,000 payable on or before 31 August 2016.

Orion is a related party of the Company by virtue of Orion being a substantial shareholder in the Company and consequently the execution of the Amendment and Restatement Agreement and the draw-down of Facility C are deemed to be a related party transaction under the AIM Rules for Companies. The independent directors of Weatherly (being all of the directors other than Ray Jenner, by virtue of his association with Orion) consider, having consulted with Weatherly's nominated adviser, RFC Ambrian, that the terms of the Amendment and Restatement Agreement are fair and reasonable insofar as Weatherly's shareholders are concerned.

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)

Samantha Harrison / John van Eeghen

Finncap +44 (0) 20 7220 0500

(Joint Broker)

Christopher Raggett

Blytheweigh +44 (0) 20 7138 3204

(Financial PR) Tim Blythe / Camilla Horsfall / Megan Ray

About Weatherly

Weatherly is an AIM listed copper mining company operating in Namibia in southern Africa. Its principal assets are one open pit copper mine called Tschudi and two underground copper mines 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% 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.