Who was the dimwit? That agreed to this sh*t. Now u know why u have heard sh*t about any new financings. They have to go thrue the devil to do it. See old Kent is gone, good riddance.
On October 8, 2010, the Company, through its indirect subsidiary, Kinbauri, entered into a $50 million five-year term corporate
credit facility with Credit Suisse AG (“Credit Suisse”). The funds were used to complete construction of the EVBC Mine in Spain
and for general corporate purposes. Cost of the facility, including fees, is expected to average approximately 5% to 6% per annum,
based on current interest rates. The facility includes a hedging program on the EVBC Mine, and is approximately 9% of EVBC’s
expected gold production (approximately 8% of Orvana’s overall expected gold production) for 2012 to 2015 and about 80% of
EVBC’s expected copper production (approximately 24% of Orvana’s overall expected copper production) from 2011 to 2015.
The credit agreement contains covenants that restrict, among other things, the Company’s ability to incur additional
indebtedness in certain circumstances, to make distributions in certain circumstances, to sell material assets, or to carry on
business other than one related to the mining business. Kinbauri and Orvana are also required to maintain certain financial ratios.
The financial covenant calculations exclude the unrealized gains and losses resulting from mark-to-market adjustments on the
metals and foreign exchange forward contracts required under the terms of the credit agreement