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Orvana Minerals Corp
Symbol ORV
Shares Issued 136,623,171
Close 2021-12-22 C$ 0.305
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Orvana Minerals closes 15-million-euro syndicated loan

2021-12-23 10:53 ET - News Release

Mr. Juan Gavidi reports

ORVANA ANNOUNCES THE CLOSING OF A 15 MILLION EURO SYNDICATED LOAN IN SPAIN

Orvana Minerals Corp. has closed a 15-million-euro syndicated loan with two Spain-based banks through its wholly owned subsidiaries in Spain, Orvana Minerals Iberia SLU and Orovalle Minerals SL. Orvana will use the proceeds to finance the development of the Taguas project in Argentina and for structural capital expenditures in Spain.

Orvana's chief executive officer, Juan Gavidi, said, "The closing of the financing places us in a very strong position to materially advance the Taguas project in Argentina and reinforce the growth strategy in Spain." He added, "We continue building on our relationship with long-term financial partners, allowing us to access to financing at a very attractive interest rate."

Key terms of the syndicated loan:

  • Principal: 15 million euros;
  • Interest rate: Euribor plus 2.5 per cent per annum;
  • Structuring fee: 1.5 per cent
  • Term: four years;
  • Orvana's obligations are secured by the pledge of Orovalle and Iberia's shares;
  • Among other obligations, the ratio net finance debt to EBITDA (earnings before interest, taxes, depreciation and amortization) calculated based on the aggregated financial information of Orovalle and Iberia, must be, throughout the life of the financing, less than 3.5.

About Orvana Minerals Corp.

Orvana is a multimine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carles gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in Bolivia, currently in care and maintenance, and the Taguas property located in Argentina.

We seek Safe Harbor.

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