Orion to undertake A$5-million capital raising
JSE- and ASX-listed Orion Minerals has received firm commitments for a placement to sophisticated and professional investors and chairperson Denis Waddell, comprising about 333.33-million shares to raise A$5-million, or about R57-million.
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.
On September 17, Orion announced that its subsidiary Prieska Copper/Zinc Mine, had signed a nonbinding term sheet with a wholly-owned subsidiary of Glencore for financing of $200-million to $250-million and concentrate offtake for the Prieska project.
“This capital raise is important as we progress with the Glencore due diligence process to reach a binding agreement on the offtake and financing for Prieska. We appreciate the support of our major shareholders and the South African market.
“These recent developments at Orion pave the way for the company to transition from an exploration and studies company to a mine developer and ultimately a producer,” says Orion MD and CEO Tony Lennox.
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