- Orion Minerals has increased its share placement by $1.3 million to $7.7 million
- On November 1 and 5, the company issued 254.8 million shares for $0.025 per share to raise $6.4 million
- Funds raised will be used for Bankable Feasibility Study and early works at its flagship Prieska Copper-Zinc Project
- Orion remains steady on the market today and is trading at 2.6¢ apiece
Orion Minerals has increased its share placement by $1.3 million to $7.7 million.
On November 1 and 5, the company issued 254.8 million shares for $0.025 per share to raise $6.4 million. Orion plans on issuing the remaining shares shortly.
Funds raised will be used for Bankable Feasibility Study and early works at its flagship Prieska Copper-Zinc Project.
Prieska project is located in the Northern Cape Province of South Africa and is one of the world’s top 30 volcanogenic massive sulphides (VMS) base metal deposits.
The project was previously mined between the 1970s and 1990s and has a record production of over 430,000 tonnes of copper and 1 megatonne of zinc from 46.9 megatonnes of sulphide ore milled.
Orion Minerals is a globally diversified metal explorer and aims to become a new generation base metals producer.
“It sees the potential to define a major new VMS camp in the region surrounding the Prieska deposit, with near-mine exploration programs delivering a series of compelling new targets,” the company said.
The placement has been made to sophisticated investors. Petra Capital acted as sole book-runner and sole lead manager for this placement.
Orion also announced a Share Purchase Plan, providing shareholders with the opportunity to increase their shareholding in the company. The share purchase plan opened on October 30 and is expected to close on November 29.
Orion remains steady on the market today and is trading at 2.6¢ apiece at 1:42 pm AEDT.