Origo Partners PLC Announcement re Kincora Copper Limited (2576D)

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                        [e-mail] 
  Niklas Ponnert 
 Nominated Adviser 
  Smith & Williamson Corporate Finance 
  Limited 
  Azhic Basirov 
  Ben Jeynes                               [phone] 
 Public Relations 
  Aura Financial 
  Andy Mills                               [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 23, 2015 06:49 ET (10:49 GMT)