- Orion Minerals (ORN) and selling shareholders agree to extend the final completion date of a previously announced transaction to acquire the remaining vendor interests at its Jacomynspan project in South Africa
- The deal must become unconditional from February 27 to April 30 and the parties must agree on key principal commercial terms, which will trigger another deadline extension
- Failing to agree on terms before April 30 will terminate the initial agreement and all parties will be restored to their respective position as at February 28
- Orion currently owns 50 per cent of the total interest in the Jacomynspan Project and has advanced exploration programs
- ORN has ended the day 3.45 per cent in the green to close at 3 cents per share
Orion Minerals (ORN) has reached an agreement with the other selling shareholders, Namaqua Nickel Mining and Disawell, to extend the final completion date of a previously announced transaction.
The transaction is in relation to acquiring the remaining vendor interests at its highly prospective Jacomynspan Nickel-Copper-Platinum Group Element (PGE) Project in South Africa.
The project, located 65 kilometres north of Orion’s Prieska Copper-Zinc-Project, must become an unconditional agreement from February 27 to April 30 to be decided by Orion and the other selling shareholders.
The extension gives additional time for all parties to discuss a potential expanded and revised transaction whereby additional prospective Southern African nickel projects will be combined with the Jacomynspan Project.
They must also agree on key principal commercial terms. Should this occur, the final completion date will be automatically further extended to September 30.
During this time, all parties must finalise a comprehensive formal written agreement incorporating the principal terms and conditions set out in the February 27 to April 30 agreement.
If all parties cannot agree to terms before April 30, the initial transaction will terminate and all parties will be restored to their respective position as at February 28.
The other shareholders hold partly overlapping prospecting rights which are subject to amendment and mining rights (subject to notarial execution).
Orion is currently entitled to 50 per cent total interest in the Jacomynspan Project and have advanced exploration programs.
The company also acts as the manager and operator of the joint venture.
ORN ended the day 3.45 per cent in the green to close at 3 cents per share.