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ORION MINERALS LIMITED - Convertible Notes to be Converted into Orion Shares

Release Date: 25/09/2019 09:03
Code(s): ORN     PDF:  
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Convertible Notes to be Converted into Orion Shares

Orion Minerals Limited
Incorporated in the Commonwealth of Australia
Australian Company Number 098 939 274
ASX share code: ORN
JSE share code: ORN
ISIN: AU000000ORN1
(“Orion” or “the Company”)


CONVERTIBLE NOTES TO BE CONVERTED INTO ORION SHARES


Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to advise that it has
received conversion notices from all Convertible Noteholders, requesting the conversion of
the Convertible Notes held by them into fully paid ordinary shares (Shares) in the Company.

The Convertible Notes were issued as part of a previous capital raising in 2017 which allowed
Orion to exercise its option to acquire its flagship asset, the Prieska Copper-Zinc Project in the
Northern Cape Province in South Africa, where it recently completed a Bankable Feasibility
Study and is now advancing towards project financing and development.

A total of 232.69 million Convertible Notes to the value of $6.05 million (each with a face
value of $0.026) were issued on 17 March 2017 to various sophisticated and professional
investors (Convertible Notes), as part of a previously announced capital raising (see ASX
release: 7 February 2017). The Company obtained Shareholder approval for the issue of the
Convertible Notes on 13 March 2017.

The maturity date of the Convertible Notes is 30 September 2019 (Maturity Date). Key terms of
the Convertible Notes are set out in the Company’s ASX release dated 8 March 2017 and 25
January 2019.

The Company will issue Shares to the Noteholders on or before the Maturity Date. Upon issue
of the Shares, the Company’s current liabilities will reduce by $5.8 million (as 10.3 million
Convertible Notes were converted into Shares in April 2019) and the security held by
Noteholders over certain assets of the Company and its subsidiaries will be released.

The conversion of Convertible Notes into Shares and the release of security by Noteholders
represents a strong vote of confidence by the Noteholders in the future of the Company and
marks an important step for Orion in progressing the financing for the development of the
Prieska Project.


Errol Smart
Managing Director and CEO

25 September 2019


ENQUIRIES

Investors                              Media                                                         JSE Sponsor
Errol Smart – Managing                 Nicholas Read                      Barnaby Hayward            Rick Irving
Director & CEO
Denis Waddell – Chairman               Read Corporate, Australia          Tavistock, UK              Merchantec Capital
T: +61 (0) 3 8080 7170                 T: +61 (0) 419 929 046             T: +44 (0) 787 955 1355    T: +27 (0) 11 325 6363
E: info@orionminerals.com.au           E: nicholas@readcorporate.com.au   E: orion@tavistock.co.uk   E: rick@merchantec.co.za

Suite 617, 530 Little Collins Street
Melbourne, VIC, 3000

Date: 25/09/2019 09:03:00
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