Orion Minerals (ASX:ORN) obtained a AU$2 million unsecured convertible loan facility from shareholder Ratel Growth, of which one of its former directors is the controlling shareholder, according to a Thursday filing with the Australian bourse.
The facility bears an interest of 12% per annum and is due on Aug. 31. The loan amount, including interest, will be set off against Ratel's commitment to any fundraising by Orion on or before the maturity date.
In case there is no fundraising before the loan's due, Ratel may elect to be repaid through shares at an issue price equivalent to the 10-day volume-weighted average price of Orion's shares prior to a conversion notice, the filing stated.
Orion's ex-director, Thomas Borman, is the controlling shareholder of Ratel.
Funds are for the development of the Prieska copper-zinc mine and Okiep copper project in South Africa, the filing said.
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