Terramin Australia Ltd

Published : August 18th, 2015

Debt Restructure Agreed with Major Shareholder

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Keywords :   Australia | Debt | Market |

Debt Restructure Agreed with Major Shareholder

ASX Announcement

17 August 2015

Debt Restructure Agreed with Major Shareholder

Terramin Australia Limited (ASX: TZN) announces that its subsidiary, Terramin Exploration Pty Ltd (Terramin Exploration) and the Asipac Group, Terramin's largest shareholder, have agreed a restructure of the existing debt facility used to develop the Bird-in-Hand Project (Facility). The Facility has been increased from $2.8 million to $4.3 million and the term has been extended to 30

September 2015 while the parties finalise the terms of long term debt refinancing.

The extended Facility will be used to repay a short term unsecured loan provided by Asipac Group for the settlement of the freehold land acquisition made by the Company in the vicinity of the Bird -in- Hand Project (see ASX announcement dated 4 August 2015).

Other than the increase in the Facility limit and extension of the term, there are no other material changes to the terms of the Facility.

The Facility will continue to be secured by a general security over the assets of Terramin Exploration. Terramin had received a waiver of Listing Rule 10.1 from the ASX to enable Terramin Exploration to grant this security without shareholder approval in respect of the new Facility limit. The ASX waiver has been granted in similar terms as the waiver granted in July 2014 and is annexed to this announcement.

The board is confident that the Company will be able to restructure its existing debt into the long term. It also expects to be in a position to repay the outstanding debt under the Facility in accordance with its terms and discharge the security thereafter.

For further information, please contact:

Martin Janes

Chief Executive Officer

Terramin Australia Limited

+61 8 8213 1415

[email protected]

Level 3

70 Hindmarsh Square

Adelaide

SA

5000

ANNEXURE - ASX WAIVER

1. The decision made by ASX Limited ("ASX") dated 29 July 2014, in relation to a waiver granted to Terramin
Australia Limited (the "Company") is rescinded and replaced as follows.
2. Based solely on the information provided, ASX grants Company a waiver from listing rule 10.1 to the extent necessary to permit the Company and its subsidiary, Terramin Exploration Pty Ltd ("TZNEX") to grant security over their assets ("Security") in favour of Asipac Group Pty Ltd ("Asipac"), pursuant to a short term financial facility ("Facility") whereby Asipac may provide TZNEX up to A$4.3 million pursuant to the Facility, without obtaining shareholder approval, on the following conditions.
2.1. The Security includes a term that if an event of default occurs and Asipac exercises its rights under the Security, neither Asipac nor any of its associates can acquire any legal or beneficial interest in an asset of the Company or the Subsidiaries in full or part satisfaction of the Company's or Subsidiaries' obligations under the Security, or otherwise deal with the assets of the Company or the Subsidiaries, without the Company first having complied with any applicable listing rules, including listing rule 10.1, other than as required by law or through a receiver, or receiver or manager (or analogous person) appointed by Asipac exercising its power of sale under the Security and selling the assets to an unrelated third party on arm's length commercial terms and conditions and distributing the cash proceeds to Asipac in accordance with its legal entitlements.
2.2. A summary of the material terms of the Security is made in each annual report of the Company during the term of the Security.
2.3. Any variations to the terms of the Security which is:
2.3.1. not a minor change; or
2.3.2. inconsistent with the terms of the waiver, must be subject to shareholder approval.
2.4. The Company must seek to discharge the Security when the funds advanced under the Security are repaid, or if it is not discharged, seek shareholder approval for the continuation of the Security for any further loan facility amount.
2.5. The Company immediately releases to the market an announcement which sets out the terms of the waiver, and the Company's plans with respect to the repayment of the funds advanced under the Security and the discharge of the Security, including the timeframe within which it expects the repayment and discharge to occur.
3. ASX has considered listing rule 10.1 only and makes no statement as to the Company's compliance with other

listing rules.

Page 2 of 2

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Terramin Australia Ltd

PRODUCER
CODE : TZN.AX
ISIN : AU000000TZN3
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Terramin is a zinc and lead development stage company based in Australia.

Terramin produces zinc, lead, copper, gold and silver in Australia, develops lead and zinc in Algeria, and holds various exploration projects in Australia.

Its main asset in production is ANGAS in Australia, its main asset in development is OUED AMIZOUR (TALA HAMZA) in Algeria and its main exploration properties are MENNINNIE ZINC, BIRD-IN-HAND and TALA HAMZA in Australia.

Terramin is listed in Australia and in Germany. Its market capitalisation is AU$ 91.1 millions as of today (US$ 63.5 millions, € 56.3 millions).

Its stock quote reached its highest recent level on October 15, 2010 at AU$ 0.80, and its lowest recent point on April 26, 2013 at AU$ 0.01.

Terramin has 1 821 139 968 shares outstanding.

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Financials of Terramin Australia Ltd
8/31/2016Interim Financial Report
7/29/2016 2nd Quarter Report
4/29/20161st Quarter Report
3/8/2016Financial Report
Project news of Terramin Australia Ltd
11/9/2016(Tala Hamza) Tala Hamza Zinc Project ProgressesTowards Development
8/8/2016(Bird-in-hand)Updated Bird-in-Hand Gold Resource Estimate
7/15/2016(Bird-in-hand)More High Grade Gold Results for Bird-in-Hand Gold Project
11/12/2013Completes Acquisition of Bird-in-Hand Gold Project
10/23/2013Executes Purchase Agreement for the Bird-in-Hand Gold Projec...
7/28/2011grows Menninnie project
5/27/2008(Angas)New Australian zinc mine nears commissioning
2/4/2008(Tala Hamza)Widest intersection to date in Algerian project for Terramin
11/28/2007Further High Grade intersections at Tala Hamza Deposit
Corporate news of Terramin Australia Ltd
7/31/20172nd Quarter Report
9/22/2016Grant of ASX Waiver
9/22/2016Grant of ASX Waiver
5/27/2016CEO Presentation – AGM 2016
5/27/2016Chairman’s Address – AGM 27 May 2016
4/26/2016 Notice of Annual General Meeting
4/12/2016Change of Address
12/2/2015Key Visit by Algerian Delegation to China
11/6/2015Debt Restructure and Marketing Agreement
11/2/2015Placement raises $3 million
10/1/2015Extension of Debt Facilities
8/18/2015Debt Restructure Agreed with Major Shareholder
8/4/2015Acquisition of strategic land for Bird-in-Hand Project
7/21/2015Termination of Menninnie Dam Joint Venture
7/14/2015Major shareholder converts $16.2 million notes into shares
7/14/2015Appendix 3B
10/11/2013Launches Rights Issues
8/8/2013Secures Finance for High Grade Bird-in-Hand Gold Project
7/19/2013to Acquire High Grade Bird-In-Hand Gold Project
5/3/2013to Commence Arbitration proceedings to resolve differences
4/17/2013announces Board changes
8/1/2011NFC backs Terramin with placement under A$50m Facility
7/29/20112nd Quarter Report 2011
9/10/2008New Aust. zinc mine an early revenue winner for Terramin
8/28/2008June 2008 Interim Financial Accounts
8/14/2008bullish zinc-lead outlook
7/28/2008first concentrates today
7/8/2008New Terramin program eyes several other zinc mines in Algeri...
6/24/2008Successful $16.5 million capital raising to fund ongoing Ter...
6/12/2008-Minotaur announce new Menninnie deal
5/29/2008$16.5 million capital raising for expansion
5/23/2008BROADENS ALGERIAN OPERATIONS
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