Orion extends share purchase plan closing date
ASX- and JSE-listed Orion Minerals has advised shareholders that the closing date of its share purchase plan (SPP) has been extended by one week to August 12, from the original closing date of August 5.
The extension was made to ensure that all eligible shareholders have additional time to participate in the SPP offer.
On July 8, Orion announced that it had secured firm commitments for a placement of 289-million new fully paid ordinary shares to sophisticated and professional investors and agreement to convert outstanding loan amounts owed by Orion to equity through the issue of 233-million shares for a total aggregate value of about R67-million.
In total, about 522-million shares will be issued under the placement and loan conversions, at an issue price of 13c a share. The placement is expected to be completed shortly, the company said on August 1.
Orion said it would be undertaking the SPP to raise up to about R46-million, providing shareholders an opportunity to increase their shareholding in Orion at the same price as the placement price.
The company is offering existing eligible shareholders the opportunity to buy shares under the SPP.
Under the SPP, each eligible shareholder is entitled to apply for parcels of new shares from a minimum parcel of R2 000 up to a maximum of R355 000 without incurring brokerage or transaction costs. The issue price under the SPP will be 13c a share, being the same price paid by investors under the placement.
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