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Tembo Capital Extends Term of $6M Bridge Loan Advanced for the Prieska Zinc-Copper Project
Orion Minerals Limited
Incorporated in the Commonwealth of Australia
Australian Company Number 098 939 274
ASX share code: ORN
JSE share code: ORN
ISIN: AU000000ORN1
(“Orion” or “the Company”)
Tembo Capital Extends Term of $6M Bridge Loan Advanced for the Prieska Zinc-Copper Project
Orion Minerals Ltd (ASX/JSE: ORN) (Orion or the Company) is pleased to advise that mining-focused,
private equity group Tembo Capital (Tembo), has confirmed its continued support of Orion through an
extension to the term of the $6M bridge loan facility from 31 May 2018 to 30 September 2018.
On 18 August 2017, Orion announced that a $6M bridge loan facility had been agreed with Tembo Capital
Mining Fund II LP (Bridge Loan). In addition to the Bridge Loan, Tembo’s affiliate, Ndovu Capital X BV
subscribed for 73M ordinary Orion shares (Shares) through the placement of Shares to raise $1.75M at an
issue price of 2.4 cents per Share.
Under the terms of Bridge Loan, Orion agreed that it will use best endeavours to undertake a capital raising
by 15 December 2017 (extended to 31 May 2018 and now extended to 30 September 2018), to raise additional
equity to progress the Prieska Zinc-Copper Project bankable feasibility study and to continue its South African
exploration programs (refer to ASX release 18 August 2017 for key terms of the Bridge Loan and ASX release
15 November 2017).
On 18 May 2018, the Company announced that it has taken another important step in its base metal
development strategy in South Africa after entering into an agreement with Independence Group NL (IGO),
that sees the leading mid-tier miner and explorer become a substantial shareholder in Orion and cement a
collaborative working relationship between the two companies. IGO subscribed for a placement of Shares in
Orion at 5.0 cents per Share, raising $5.0M (Placement). The agreement also set out the terms of an agreed
collaborative working relationship between the two parties, whereby IGO has secured matching rights to any
potential joint venture or sale of Orion’s nickel projects located in the Areachap Belt, South Africa.
The extension to the term of the Bridge Loan relieves Orion of its requirement to repay the loan by 31 May
2018 ensuring that proceeds from the Placement can be used principally to progress the redevelopment of
Orion’s flagship Prieska Zinc-Copper Project in South Africa and progress its highly prospective regional
Nickel-Copper-Cobalt and Zinc-Copper exploration projects within the Areachap Belt.
31 May 2018
Denis Waddell
Chairman
ENQUIRIES
Investors JSE Sponsor
Errol Smart – Managing Director & CEO Rick Irving
Denis Waddell – Chairman Merchantec Capital
T: +61 (0) 3 8080 7170 T: +27 (0) 11 325 6363
E: info@orionminerals.com.au E: rick@merchantec.co.za
Media
Michael Vaughan Barnaby Hayward
Fivemark Partners, Australia Tavistock, UK
T: +61 (0) 422 602 720 T: +44 (0) 207 920 3150
E: michael.vaughan@fivemark.com.au E: orion@tavistock.co.uk
Suite 617, 530 Little Collins Street
Melbourne, VIC, 3000
Disclaimer
This release may include forward-looking statements. Such forward-looking statements may include, among
other things, statements regarding targets, estimates and assumptions in respect of metal production and
prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and
anticipated grades and recovery rates, and are or may be based on assumptions and estimates related to
future technical, economic, market, political, social and other conditions. These forward-looking statements
are based on management’s expectations and beliefs concerning future events. Forward-looking statements
inherently involve subjective judgement and analysis and are necessarily subject to risks, uncertainties and
other factors, many of which are outside the control of Orion. Actual results and developments may vary
materially from those expressed in this release. Given these uncertainties, readers are cautioned not to place
undue reliance on such forward-looking statements. Orion makes no undertaking to subsequently update or
revise the forward-looking statements made in this release to reflect events or circumstances after the date of
this release. All information in respect of Exploration Results and other technical information should be read in
conjunction with Competent Person Statements in this release (where applicable). To the maximum extent
permitted by law, Orion and any of its related bodies corporate and affiliates and their officers, employees,
agents, associates and advisers:
- disclaim any obligations or undertaking to release any updates or revisions to the information to reflect
any change in expectations or assumptions;
- do not make any representation or warranty, express or implied, as to the accuracy, reliability or
completeness of the information in this release, or likelihood of fulfilment of any forward-looking
statement or any event or results expressed or implied in any forward-looking statement; and
- disclaim all responsibility and liability for these forward-looking statements (including, without
limitation, liability for negligence).
Date: 31/05/2018 11:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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