Orion Minerals Limited (ASX:ORN) announced a private placement of unsecured convertible loan for gross proceeds of AUD 3.6 million on January 25, 2019. The transaction will involve participation from existing investor Tembo Capital Mining Fund II LP, a fund managed by Tembo Capital Management Ltd. The interest is 12% per annum. The loan will be available in two tranches. The first tranche is to be in one installment of AUD 0.6 million, with further tranches to be in minimum installments of AUD 1 million each. The investor may elect for repayment by the issue of shares of the company at a deemed issue price of AUD 0.026 per share, subject to receipt of shareholder approval. The transaction is expected to close on January 25, 2020.