Orion ups capital raise to almost R100m on strong investor backing
Diversified miner Orion Minerals has again increased the size of its capital raising, now targeting A$8.6-million, or about R99-million, after receiving further firm commitments from investors.
The company initially set out to raise A$5-million, or about R57-million, but earlier this week lifted that amount to A$7.7-million, or about R89-million.
The new transaction to raise A$8.6-million will comprise about 574-million shares at an issue price of 1.5c each.
As reported previously by Mining Weekly, Orion intends to use the funds raised from the placement to continue early works at the Prieska Copper/Zinc Uppers mine, including ongoing dewatering and site works, while project funding is being finalised.
It also aims to finalise optimisation studies and ongoing site works at the Okiep copper project, and to use the capital 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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