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Orvana Minerals Corp
Symbol ORV
Shares Issued 136,623,171
Close 2019-02-05 C$ 0.165
Market Cap C$ 22,542,823
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Orvana Minerals closes six-million-euro credit facility

2019-02-06 09:29 ET - News Release

Mr. Juan Gavidia reports

ORVANA CLOSES A NEW FOUR-YEAR CREDIT FACILITY AT A RATE OF 2.55%, WHICH ALIGNS WITH ITS SUCCESSFUL OPERATIONAL TURNAROUND STRATEGY

Further to its Dec. 21, 2018, press release, Orvana Minerals Corp. has closed a six-million-euro (approximately $6.84-million (U.S.)) credit facility through its wholly owned subsidiary, OroValle Minerals SL. The credit facility provides funds at an attractive interest rate of 2.55 per cent and is better aligned with OroValle's successful operational turnaround schedule of four years (term period).

Orvana's chief executive officer, Juan Gavidia, said, "We are very pleased to close this financing with three Spanish financial institutions at a competitive cost of capital and, most importantly, with a term that matches OroValle's operational strategy of lowering unitary costs and extending life-of-mine of operations while maximizing cash flow."

The credit facility, signed with Spain-based Bankia, BBVA (Banco Bilbao Vizcaya Argentaria) and Sabadell banks, bears a fixed interest rate of 2.55 per cent with semi-annual repayments over a four-year term; and is subject to a 2-per-cent commission fee. Orvana's obligations are secured by: (i) the pledge of OroValle's shares (El Valle mine in Spain); (ii) the pledge of OroValle's dore sale proceeds; and (iii) a 12.5-per-cent restricted cash requirement.

In addition to continuing to build on the company's relationship with financial partners in Asturias, northern Spain, Orvana continues its support and contributions to the communities in Asturias, following its core value of good social corporate citizenship.

Concurrent with the closing of the credit facility, Orvana has repaid the Samsung C&T prepayment facility, originally established in August, 2016. The company continues its excellent commercial partnership with Samsung C&T for the sale of copper concentrate from its Don Mario mine and gold dore from its El Valle mine.

About Orvana Minerals Corp.

Orvana is a multimine gold-copper-silver company. Orvana's operating assets consist of the producing El Valle and Carles gold-copper-silver mines in northern Spain and the producing Don Mario gold-silver operations in Bolivia.

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