Last checked at 9 Dec 2016 14:46
09 December 2016
Weatherly International plc (AIM:WTI)
("Weatherly" or "the Company")
Rescheduling of repayment
Summary
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 D has been deferred to 28 February 2017 and interest accruing on the loans made under Facility D 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 D 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 C of the Amended Facility remain unchanged. Facility C is due to be repaid on 28 February 2017 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 9910Craig Thomas, Chief Executive OfficerKevin Ellis, CFO and Company Secretary
RFC Ambrian Limited +44 (0) 20 3440 6800(Nominated Adviser & Broker)Nominated adviser contact: Stephen Allen / Bhavesh PatelBroker contact: Kim Eckhof
Blytheweigh +44 (0) 20 7138 3204(Financial PR) Tim Blythe / Camilla Horsfall / Nick Elwes
About Weatherly
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 30,000 tonnes per annum of copper production.