Orion increases capital raise amount to A$7.7m
JSE- and ASX-listed Orion Minerals has received additional firm commitments from sophisticated and professional investors for a previously announced capital raising, thereby increasing the amount raised to about A$7.7-million, or about R89-million.
The company last month announced a capital raising to raise about A$5-million, or about R57-million, with the ability to accept additional subscriptions via a placement of fully paid ordinary shares to sophisticated and professional investors and Orion chairperson Denis Waddell.
As reported by Mining Weekly, Orion intends to apply the funds raised from the placement principally to continue early works at the Prieska Copper/Zinc Uppers mine, including ongoing dewatering and site works, while project funding is being finalised; to finalise optimisation studies and ongoing site works at the Okiep copper project; and for general working capital purposes, including work associated with the finalisation of offtake-related funding for the development of both the Prieska Copper/Zinc Uppers and Deeps mining stages.
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