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Orvana Obtains US$15 Million Bridge Loan Commitment and Amends Shareholder's Pre-Emptive Rights to Facilitate Equity Offerings
Published : May 17, 2011
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Mots clés associés :   Copper |

TORONTO, ONTARIO--(Marketwire - May 16, 2011) - Orvana Minerals Corp. (News - Market indicators) announced today that it has entered into an agreement with Fabulosa Mines Limited ("Fabulosa"), which owns 51.6% of Orvana's issued and outstanding common shares, under which Fabulosa has committed to provide Orvana with a six-month, secured convertible US$15,000,000 bridge loan bearing interest at a rate of 8% per annum. Fabulosa has also agreed to amend its pre- emptive rights to acquire Orvana common shares. The amendments will facilitate Orvana's ability to undertake conventional forms of public equity financings. In addition, Orvana and Fabulosa have resolved a difference of opinion between them regarding the application of Fabulosa's pre-emptive right to the issuance of common shares upon the exercise of stock options. As consideration for the amendments and the provision of bridge loan financing, Orvana will issue to Fabulosa 1,969,999 common shares (the "Consideration Shares") and five-year warrants to purchase up to 2,725,000 common shares (the "Warrant Shares"). Following the issuance of the Consideration Shares, Fabulosa will own 52.4% of Orvana's issued and outstanding common shares. The warrants will be exercisable only upon the issuance of, and in equal numbers to, common shares issuable upon the exercise of any of Orvana's currently outstanding stock options. 1,300,000 warrants will be issued three months after the issuance of the Consideration Shares and 1,425,000 warrants will be issued nine months after the issuance of the Consideration Shares. All of the warrants will have an exercise price equal to the volume-weighted average price of the common shares for the five trading days preceding the date such warrants are issued. The transactions are subject to obtaining the approval by the Toronto Stock Exchange (the "TSX") of the issuance of the Consideration Shares and the Warrant Shares.

"As Orvana continues to execute its strategy of growth and diversification, including the development of the EI Valle-Boinas/Carles Mine in Spain and the Copperwood Project in Michigan, ready access to financing on acceptable terms will be increasingly important. This US$15,000,000 bridge loan will provide the Corporation with significant short-term flexibility. In addition, these amendments to Fabulosa's pre-emptive rights will provide longer term flexibility in accessing the capital markets to raise equity," said Roland Horst, Orvana's Chief Executive Officer.

Bridge Loan

The bridge loan will have a maximum principal amount of US$15,000,000, and will be secured against all personal property of Orvana (excluding the shares of Orvana Minerals Asturias Corp. and all proceeds therefrom). Amounts will be advanced to Orvana under the loan in one or more tranches, at Orvana's discretion. The loan will have a term of six months and will accrue interest at a rate of 8% per annum. The outstanding amount of the loan may be repaid by Orvana at any time without penalty. Should Orvana complete an equity offering prior to repayment of the loan, subject to TSX approval, the outstanding amount of the loan may, at Orvana's sole discretion, be converted into common shares at the price shares are sold under the equity offering, provided that the number of common shares issued on such conversion does not exceed 50% of the number of shares issued by Orvana under such equity offering. At maturity, at Fabulosa's option and subject to TSX approval, the outstanding amount of the loan (including accrued and unpaid interest) will be convertible into common shares based on a share price that is the volume-weighted average trading price for the five trading days preceding the maturity date less the maximum allowable discount permitted by the TSX. The bridge loan remains subject to the completion of customary loan documentation and approval of the issuance of the Consideration Shares and the Warrant Shares by the TSX.

New Agreement on Fabulosa's Pre-Emptive Rights

Under an agreement entered into on September 12, 2001 in connection with the initial investment in Orvana by Fabulosa, Fabulosa has a pre-emptive right to acquire additional common shares on a one-for-one basis in connection with Orvana's issuance of common shares to parties other than Fabulosa. Fabulosa's existing pre-emptive right requires that Orvana provide Fabulosa with notice of the terms of any proposed issuance of common shares at least 30 days' in advance of the completion of any such issuance. This notice requirement effectively precluded Orvana from undertaking certain types of equity financings, including bought deals and marketed public offerings. In addition, the application of Fabulosa's pre-emptive right to the issuance of common shares upon the exercise of options has been a matter of dispute between the parties. With a view to Orvana obtaining the flexibility to complete equity financings and settling the disagreement between them regarding the application of the pre-emptive rights to shares issued upon the exercise of options, Orvana and Fabulosa have agreed to terminate the prior agreement and enter into a new agreement regarding Fabulosa's pre-emptive rights.

As part of this new agreement, Orvana has agreed to approve the implementation of a normal course issuer bid ("NCIB") within the next nine months, subject to TSX approval. The purpose of the NCIB will primarily be to acquire common shares of Orvana to mitigate the dilutive effect of common shares issued upon the exercise of stock options granted under Orvana's Stock Option Plan after May 16, 2011.

As Fabulosa is an insider of Orvana, the transactions were negotiated by a special committee comprised of independent directors of Orvana. The special committee retained its own legal counsel and an independent financial advisor to assist it in connection with such negotiations.

About Orvana

Orvana Minerals is a gold producer with a strong balance sheet and is transforming itself into a multi-mine gold and copper producer. Orvana's primary asset is the El Valle/Boinás-Carlés gold-copper project in northern Spain, which is expected to be in production in mid-2011. Orvana also owns and operates the Don Mario Mine in Bolivia where a newly completed leaching-precipitation-flotation plant is processing its copper-gold-silver Upper Mineralized Zone deposit. In addition, Orvana is advancing its Copperwood copper project in Michigan, USA. Additional information is available at Orvana's website (www.orvana.com).

Forward Looking Disclaimer

Certain statements in this press release constitute forward-looking statements or forward- looking information within the meaning of applicable securities laws ("forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as "believes", "expects" "plans", "estimates" or "intends" or stating that certain actions, events or results "may", "could", "would", "might", "will" or "are projected to" be taken or achieved) are not statements of historical fact, but are forward-looking statements.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Orvana as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Orvana on which statements in this news release are based may prove to be incorrect, and they include, but are not limited to, the various assumptions set forth herein and in the Company's most recently filed Annual Information Form, as well as permitting and development at the EI Valle-Boinas/Carles Mine being consistent with the Company's current expectations and there being no significant disruptions affecting the Company's activities at the mine.

A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements in this press release. Some of these risks, uncertainties and factors include the Company's ability to obtain and maintain all necessary regulatory approvals and licenses; challenges to the Company's interest in its property and mineral rights; and other risks generally associated with mine development, including the risks identified in Orvana's Annual Information Form.

Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements.



Orvana Minerals Corp.
Natalie Frame
Investor Relations
(289) 200-7640
or
Orvana Minerals Corp.
Roland Horst
Chief Executive Officer
(416) 369-1629
or
Orvana Minerals Corp.
Malcolm King
Vice President and Chief Financial Officer
(416) 369-1629
ask_us@orvana.com
www.orvana.com

Orvana Minerals Corp

PRODUCTEUR
CODE : ORV.TO
ISIN : CA68759M1014
CUSIP : 68759M101
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Orvana Min. est une société de production minière de cuivre et d'or basée au Canada.

Orvana Min. est productrice de cuivre, d'or, d'argent en Bolivie et en Espagne, et détient divers projets d'exploration en Bolivie.

Ses principaux projets en production sont DON MARIO (CERRO PELADO) en Bolivie et EL VALLE-BOINÁS/CARLÉS en Espagne et son principal projet en exploration est COPPERWOOD en Bolivie.

Orvana Min. est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 17,8 millions CA$ (13,5 millions US$, 12,1 millions €).

La valeur de son action a atteint son plus bas niveau récent le 29 décembre 2000 à 0,05 CA$, et son plus haut niveau récent le 24 décembre 2010 à 3,97 CA$.

Orvana Min. possède 136 623 171 actions en circulation.

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Rapports annuels de Orvana Minerals Corp
Correction and re-filing of its annual report
Financements de Orvana Minerals Corp
11/08/2011. Announces Completion of Equity Offering
26/07/2011. Announces Equity Offering
18/05/2011Obtains US$15 Million Bridge Loan Commitment and Amends Shar...
Nominations de Orvana Minerals Corp
30/03/2015Announces Appointment of New Chief Executive Officer
08/04/2013. Announces Appointment of New Interim Chief Executive Offic...
09/03/2012Announces Changes to Board of Directors
04/01/2012Appoints Ron Simkus to the Board of Directors
25/02/2010Appointment of Roland Horst as Chief Executive Officer
22/02/2010Appointment of new vice president, Mining
24/08/2009Appoints James Gilbert to board of Directors
Rapports Financiers de Orvana Minerals Corp
07/02/2014Orvana Reports Results for the First Quarter of Fiscal 2014 ...
08/02/2013Orvana Reports Results for the First Quarter of Fiscal 2013 ...
08/02/2013Reports Results for the First Quarter of Fiscal 2013 With Ad...
15/05/2012Reports Results for the Second Quarter Ended March 31, 2012
15/03/2012Announces Results for the First Quarter Ended December 31, 2...
01/03/2012Announces Revised Issue Date for Its Financial Statements fo...
14/02/2011Reports First Quarter Results for the Three Months Ended Dec...
16/02/2010Reports operating results for the first quarter ended decemb...
17/08/2009Operating results for the third quarter ended june 30, 2009
19/05/2009Operating results for the 2nd quarter ended march 31, 2009
13/02/2009reports operating results for the first quarter ended decemb...
15/08/2008Reports operating results for the third quarter ended june 3...
15/05/2008Reports Operating Results for the second Quarter ended March...
Projets de Orvana Minerals Corp
09/12/2014Reports Record Gold and Copper Production, Balance Sheet Sig...
11/02/2014Highland to Acquire Orvana's Copperwood Project
06/12/2013Orvana Reports Record Mine Performance and Fiscal 2013 Resul...
15/10/2013Orvana Surpasses 2013 Production Guidance
15/10/2013Surpasses 2013 Production Guidance
23/09/2013(Copperwood)Provides Update on Copperwood Project, Upper Peninsula, Mich...
25/02/2013Orvana Granted Wetlands Permit for Copperwood Project, Upper...
25/02/2013(Copperwood)Granted Wetlands Permit for Copperwood Project, Upper Penins...
18/10/2012Orvana Reports Production Results for the Fourth Quarter and...
30/04/2012(Copperwood)Receives Part 632 Mining Permit for Copperwood Project, Uppe...
07/02/2012(Copperwood)Announces Feasibility Study Results for Copperwood Project, ...
24/06/2011(Copperwood)Announces Prefeasibility Study Results for Copperwood Projec...
05/06/2011(El Valle-boinás/carlés)Announces Commissioning of El Valle-Boinas/Carles Gold/Coppe...
25/03/2011(El Valle-boinás/carlés)Provides Update from El Valle-Boinas/Carles Mine, Northern S...
07/03/2011(Don Mario (cerro Pelado)).: Construction Completed of Leaching-Precipitation-Flotatio...
25/02/2011(Copperwood)Reports Measured and Indicated Resources Increase of 50% for...
05/03/2010(El Valle-boinás/carlés)Updated resource estimate at El Valle-Boinás/Carlés Project
17/02/2010(El Valle-boinás/carlés)Provides update on El Valle-Boinas/Carles Project
20/01/2010(Copperwood)Reports final assay batch from its Copperwood Project
13/07/2009(Copperwood)Provides drill program update
19/05/2009(Don Mario (cerro Pelado))announces completion of updated feasibility study and decisi...
13/02/2009(Copperwood)New drill results from Copperwood
11/02/2009(Copperwood)Collection for environmental studies commenced at copperwood
09/02/2009(Don Mario (cerro Pelado))Progresse on a detalied Operation Study
Communiqués de Presse de Orvana Minerals Corp
18/12/2015Orvana Reports Year End, Fourth Quarter Fiscal Results and P...
01/10/2015Merger Market article from Sept 11, 2015
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07/08/2015Orvana Reports Third Quarter Fiscal Results
13/04/2015to Present at the European Gold Forum, Zurich and the 1-2-1 ...
13/04/2015Orvana to Present at the European Gold Forum, Zurich and the...
12/04/2015Orvana Reports Production for Second Quarter 2015 and Update...
08/04/2015Orvana Announces Appointment of Chief Financial Officer
30/03/2015Orvana Announces Appointment of New Chief Executive Officer
25/03/2015Orvana to Present at the John Tumazos Very Independent Resea...
25/03/2015to Present at the John Tumazos Very Independent Research Met...
27/02/2015Orvana Announces Results of Annual Shareholders' Meeting
24/02/2015Orvana to Exhibit at Prospectors and Developers Association ...
23/02/2015Orvana Announces Annual Shareholders' Meeting, Live Webcast ...
23/02/2015Announces Annual Shareholders' Meeting, Live Webcast Februar...
05/02/2015Orvana Reports First Quarter Fiscal 2015 Results, Strong Bal...
17/01/2015Orvana Continues to Deliver Results in the First Quarter 201...
17/01/2015Continues to Deliver Results in the First Quarter 2015 and R...
08/01/2015Orvana Minerals to Attend Vancouver Resource Investment Conf...
16/12/2014Orvana Receives $7.5 Million Additional Cash Payment for Cop...
09/12/2014Orvana Reports Record Gold and Copper Production, Balance Sh...
01/12/2014Orvana Announces Fourth Quarter Financial Results Release Da...
04/11/2013Orvana Minerals takes strides towards sustained profitabilit...
15/08/2013Midday Breaking News From Orvana and Eagle Hill
15/08/2013Reports Successful Completion of Annual Wage Negotiations at...
09/08/2013Orvana Achieves Strong Mine Performance in Fiscal Third Quar...
09/08/2013Achieves Strong Mine Performance in Fiscal Third Quarter
17/07/2013Reports Suspension of its Leach-Precipitation-Flotation Plan...
08/07/2013Midday Breaking News From Cavan=2C Orvana=2C and Pacific Pot...
08/07/2013Advises Production Guidance for Fiscal 2013 Remains on Targe...
17/06/2013Reports Hoist Incident and Provides Company Update
14/05/2013Mid-Day Breaking News From Orvana, Skyharbour, Zenyatta, Dig...
14/05/2013Achieves Strong Mine Performance In Fiscal Second Quarter
24/04/2013Celebrates 60 Years on the TSX
15/04/2013Mid-Day Breaking News From Orvana Minerals and Pacific Potas...
03/01/2013Reports Fiscal 2012 Conference Call Details
18/10/2012Reports Production Results for the Fourth Quarter and Fiscal...
21/08/2012Mid-Day Breaking News From Orvana, Great Panther, Lomiko, Tr...
13/08/2012Mid-Day Breaking News From Orvana, CanAm, Corazon, and Rio G...
13/08/2012Reports Results for the Third Quarter With Adjusted Earnings...
18/07/2012Announces June Operations Results for El Valle-Boinas/Carles...
10/07/2012Announces June Operations Update for the Upper Mineralized Z...
19/06/2012Announces May Operations Update for El Valle-Boinas/Carles G...
05/06/2012Announces Changes to Executive Management
09/05/2012Provides an Operations Update for the Upper Mineralized Zone...
17/04/2012Announces Operations Update at El Valle-Boinas/Carles Gold/C...
10/04/2012Announces Commercial Production and Increases Gold and Silve...
16/02/2012Completes a US$13.8 Million Increase in Its Credit Facility ...
18/01/2012Provides an Operations Update and Revised Reserve Estimate f...
13/12/2011Reports Results for the Year Ended September 30, 2011
06/12/2011. Announces Changes in Management
22/09/2011Announces Drill Results and Provides an Operations Update at...
11/07/2011on Orvana Operations
05/04/2011Announces Production at Don Mario UMZ Copper-Gold-Silver Min...
26/02/2010Additions to board of directors
15/01/2010Update on activities relating to El valle-Boinas/Carles
05/10/2009Amalgamation of kinbauri gold corp. and orvana minerals acqu...
25/09/2009Completes Compulsory Acquisition of Kinbauri Common Shares
18/08/2009Takes up Kinbauri shares and extends offer until august 28, ...
13/08/2009 Urges Kinbauri shareholders to tender their shares
04/08/2009Extends offer to acquire kinbauri to august 17, 2009
30/07/2009Supports Kinbauri's decision to let shareholders decide
30/07/2009Urges Kinbauri shareholders to tender to its all-cash offer
29/07/2009Issues reminder that its all cash offer
28/07/2009Kinbauri Shareholders Urged to Tender To The Orvana Offer by...
24/07/2009receives notification that Kinbauri has agreed to waive its ...
21/07/2009raises cash offer for Kinbauri to C$0,75 per share
15/07/2009Extends its offer to acquire Kinbauri Gold Corp.
02/07/2009Extends its Offer to Acquire Kinbauri Gold Corp. to July 13,...
25/05/2009Commences all-cash offer to acquire Kinbauri Glod Corp.
19/05/2009 to apply to OSC for relief relating to Kinbauri's recent ac...
14/05/2009Highlights risks and uncertainties surrounding Kinbauri's pr...
04/12/2008Reports Record Revenue, Cash Provided by Operating Activitie...
10/09/2008Enters into a minerals lease in the state of Michigan
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TORONTO (ORV.TO)OTHER OTC (ORVMF)
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