Orvana Minerals Corp T.ORV

Alternate Symbol(s): ORVMF

Metals & Mining Gold

Orvana Minerals Corp. is a multi-mine gold-copper-silver company. It is involved in the evaluation, development and mining of precious and base metal deposits. Its assets consist of the producing El Valle and Carles gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in Bolivia, and the Taguas property located in Argentina. The El Valle and Carles mines and the El Valle processing plant are a producer of copper concentrate and dore. El Valle is located in Asturias, Northern Spain. The Don Mario Operation is in San Jose de Chiquitos, Southeastern Bolivia. The Don Mario Operation consists of a set of assets that includes Las Tojas orebody, and the previously mined out lower mineralized zone, upper mineralized zone and Cerro Felix mines. The Taguas Property consists of 15 mining concessions over an area of 3,273.87 hectares, held and managed by its subsidiary Orvana Argentina S.A. Taguas is located in the province of San Juan, on the eastern flank of the Andes.

TSX:ORV - Post by User

Orvana Minerals Corp

<< Previous

Bullboard Posts

Next >>

Post by checkmate28on Dec 23, 2021 10:27am

223 Views

Post# 34257804

News ORV ANNOUNCES THE CLOSING OF A €15 MILLION SYNDICATED

PRESS RELEASE DETAILS

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

12/23/2021

TORONTORV, Dec. 23, 2021 /CNW/ - Orvana Minerals Corp. (TSX: ORV) ("Orvana") is pleased to confirm its November 30^th 2021 press release, by announcing the closing of a €15 million syndicated loan (the "Syndicated Loan") with two Spain-based banks, through its wholly-owned subsidiaries in Spain, Orvana Minerals Iberia S.L.U. ("Iberia") and Orovalle Minerals S.L. ("Orovalle"). Orvana will use the proceeds to fund the development of the Taguas Project in Argentina and 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: €15M;
Interest Rate: Euribor plus 2.5% per annum;
Structuring Fee: 1.5%
Term: 4-year;
Orvana's obligations are secured by the pledge of Orovalle and Iberia's shares;
Among other obligations, the ratio net finance debt to EBITDA calculated based on the aggregated financial information of Orovalle and Iberia, must be, throughout the life of the financing, less than 3.5.