Orcoda Limited (ASX:ODA) Signs Deed of Covenant With Rio Tinto and Ocean Magic Investments

November 24, 2020 11:41 AM AEDT
Team Kalkine

Orcoda Limited (ASX:ODA) has signed a Deed of Covenant with Rio Tinto and Ocean Magic Investments. As per the agreement, Rio Tinto covenants with the Company will observe all obligations under the Royalty Deed related to the assigned interest while Ocean Magic Investments will be released from all of its obligations under a Royalty Deed.

Besides, the Royalty Deed entitles Orcoda to a 2% royalty paid quarterly in arrears on any gold, zinc, copper, and other minerals that are mined from the Royalty Area (calculated on the Net Smelter Return or any sales to related parties).

ODA traded at $0.175 on 24 November 2020 (AEDT 11:24 AM), up 2.941% from its last close.

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