Ora Banda Mining (ASX:OBM) said the repayment date for a AU$4 million loan provided by Hawke's Point Holdings will be extended to either April 30 or the date of completion of a royalty on-sale, whichever is the earliest, according to a Friday Australian bourse filing.
It had earlier announced that the date for repayment of the loan was set at the earliest of Jan. 31 or the date of completion of the effective on-sale by the firm to Hawke's Point of 1.5% of the 2% royalty to be received from Davyston Exploration.
The royalty on sale is conditional on the firm entering into a full-form royalty agreement with Davyston Exploration, which is currently being finalized.
The completion of the royalty on-sale is expected to occur in the third quarter of the fiscal year, with the loan amount owed by Ora Banda to Hawke's Point and the AU$4 million consideration payable by Hawke's Point to the firm under the royalty on-sale being offset by each other.
Its shares rose past 5% in recent trading on Friday.
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