Orion Minerals Says IDC Converts 344.5 Million South African Rand Loan Into Equity in Prieska Project

MT Newswires Live

May 29

Orion Minerals (ASX:ORN) said the Industrial Development Corporation of South Africa (IDC) converted its about 344.5 million South African Rand convertible loan facility into equity in unit PCZM HoldCo, becoming a 23.8% shareholder in PCZM HoldCo and giving it an effective interest of about 16.7% in PCZM, according to a Friday Australian bourse filing.

The company said the IDC retains a shareholder loan claim against PCZM HoldCo of about 272.4 million South African Rand, with all security granted in connection with the facility agreement released following the conversion.

The IDC, as a long-standing development finance partner, becomes a direct shareholder in PCZM HoldCo, deepening its strategic alignment with the Prieska project, the filing added.

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