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Announcement re Kincora Copper Limited

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RNS Number : 2576D
Origo Partners PLC
23 October 2015
 

23 October 2015

 

Origo Partners PLC

("Origo" or the "Company")

 

Kincora Copper Limited

 

The Company notes the announcement made by its investee company, Kincora Copper Limited ("Kincora"), and confirms that Kincora and Origo have reached agreement for the renegotiation of Kincora's obligations under the US$2.5 million 8.7% note held by Origo (the "Existing Note") which became payable as of 19 July 2015 (the "Agreement").

 

Under the terms of the Agreement, the Existing Note, and Kincora's outstanding obligations thereunder including payment of principal, shall fall away and Kincora will issue a new note (the "Replacement Note") to Origo in the principal amount of US$2,500,000. The Replacement Note shall become due and payable on 21 October 2016 and shall bear an interest rate of 8.7% per annum, payable on maturity in cash or shares of Kincora, at Origo's election.

 

The Replacement Note is also convertible during the term of the Replacement Note at Origo's election as and when Kincora undertakes an equity financing of not less than US$500,000, with conversion being on the same terms as any such equity financing.

 

Kincora has also agreed to place US$500,000 in escrow during the term of the Replacement Note, which can be called upon by Origo at its sole discretion.

 

 

 

 

 

For further information about Origo please visit www.origoplc.com or contact:

 

Origo Partners plc

Niklas Ponnert

 

  niklas@origoplc.com

 

Nominated Adviser

Smith & Williamson Corporate Finance Limited

Azhic Basirov

Ben Jeynes

 

 

+44 (0)20 7131 4000

Public Relations

Aura Financial

Andy Mills

 

 

+44 (0)20 7321 0000

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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