Mining News Pro - Gold miner Orinoco Gold has secured an A$8-million convertible note agreement with Magna to fast-track the development of its Rio Do Ouru project, in Brazil.

According to Mining News Pro - A$2-million of the convertible note will be immediately available, with three further tranches of A$2-million each available within the next 12 months.
The convertible notes issued under the agreement will be done so at $1 per note at the prevailing Australian/US dollar exchange rate, and would have a face value of $1.10 per note.

The notes are convertible at any time, at a 10% discount of the lowest daily volume weighted average price during the five trading days prior to the conversion notice date, with the facility to have a maturity of 12 months after their respective issue dates.

The Orinoco board is excited to welcome Magna to its register to fast-track the restart of Rio Do Ouro. Their hands on approach to visit the site recently and understand our own excitement in respect of this project impressed us,” said Orinoco MD Jeremy Gray.

“The potential for Rio Do Ouro to become a natural hub for other nearby potential mines at Antena and Digo Digo makes it central to our short and medium-term growth plans outside of Cascavel.

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