Origo Partners PLC Announcement re Kincora Copper Limited (2576D)
October 23 2015 - 6:49AM
UK Regulatory
TIDMOPP
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@origoplc.com
Niklas Ponnert
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
END
MSCBGBDGDSDBGUX
(END) Dow Jones Newswires
October 23, 2015 06:49 ET (10:49 GMT)
Osirium Technologies (LSE:OSI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Osirium Technologies (LSE:OSI)
Historical Stock Chart
From Apr 2023 to Apr 2024