- Orion Minerals (ORN) raises $1.35 million in its share purchase plan (SPP) to advance its early production strategy at its South African base metal projects
- Additionally, it has received firm commitments to raise a further $6 million through a three tranche placement
- It will issue shares at two cents each along with 151 million options, exercisable at 2.5 cents and expiring at the end of June 2023
- The company was originally seeking to raise $3 million through the SPP and $20 million through the placement
- Shares end the day 10 per cent in the red to close at 1.8 cents
Orion Minerals (ORN) has raised $1.35 million in its share purchase plan (SPP) to advance its early production strategy at its South African base metal projects.
Additionally, it has received firm commitments to raise a further $6 million through a three tranche placement.
ORN will issue shares at two cents each along with 151 million options, exercisable at 2.5 cents and expiring at the end of June 2023.
The company was originally seeking to raise $3 million through the SPP and $20 million through the placement.
Managing Director and CEO Errol Smart said the company is in advanced discussion with other potential funding partners to continue development of its base metals development strategy.
“The SPP received particularly strong support from our South African shareholder base, which was a great result and reflects Orion’s positive standing in the local community,” he said.
Shares have ended the day 10 per cent in the red to close at 1.8 cents.