News- Orvana closes $12.5 million deal with Samsung Orvana Closes US$12.5 million Prepayment Agreement with Samsung C&T
TORONTO, Aug. 12, 2016 /CNW/ - Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") is pleased to announce that, further to the Company's press release dated July 27, 2016, it has closed the US$12.5 million copper concentrates and gold dor prepayment agreement (the "Facility") with Samsung C&T U.K. Ltd. ("Samsung C&T"). The Company has drawn down the first installment under the Facility of US$8 million.
The Company expects to use the proceeds of the Facility to fund planned development and infrastructure investments at its El Valle Mine in Asturias, Spain and working capital requirements for the short-term re-start of Carls Mine, located in close proximity to El Valle Mine.
Orvana will sell copper concentrate from its Don Mario Mine and gold dor from its El Valle Mine to Samsung C&T, as agreed under the terms of the Facility. The first shipment of copper concentrate to Samsung C&T will occur this month, while the first shipment of gold dor is expected to occur in October 2016.
About Orvana
Orvana is a multi-mine gold and copper producer. Orvana's operating assets consist of the producing gold-copper-silver El Valle mine in northern Spain, and the producing gold-copper-silver Don Mario mine in Bolivia. Additional information is available at Orvana's website (www.orvana.com).