Orinoco Gold Limited (ASX: OGX) (the Company) advises that, following its successful share placement in March 2018, it has secured up to a further A$8,000,000, provided by MEF I, L.P. (Magna) under a convertible note agreement (Convertible Note Agreement), with A$2,000,000 immediately available and up to three further tranches of A$2,000,000 each available within the next 12 months (terms are detailed below) at Orinoco’s discretion.
This funding will allow Orinoco to fast track the development of Rio do Ouro (formerly named Sertão) which is at final stages of licensing approval as well as underpin our exploration programme with immediate drill targets at Digo Digo, Eliseo, Phase 2 at Antena and Rio Do Ouro.
Magna Managing Director, Mr Ari Morris, commented that “We are delighted to be a part of Orinoco’s world class gold district in Brazil. The potential to grow the business with low capex high grade ounces is what attracted us to Orinoco and their management team. We look forward to a strong working relationship going forward.”
