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Orion Minerals increases capital raising to $6.4 million following additional investor support

Funds will be used to complete BFS optimisation studies and early stage works for the Prieska Copper-Zinc Project.

Orion Minerals Ltd - Orion Minerals increases capital raising to $6.4 million following additional investor support
In addition to the $6.4 million placement, a share purchase plan is being offered to eligible shareholders

Orion Minerals Ltd (ASX:ORN) (JSE:ORN) has received additional commitments from sophisticated and professional investors, increasing the amount raised by the company to $6.4 million, by way of a placement of shares at 2.5 cents per share.

Orion had announced yesterday that it received commitments to raise about $5.5 million through the share placement.

The company intends to utilise proceeds raised from the placement for bankable feasibility study (BFS) optimisation studies and early works at its flagship Prieska Copper-Zinc Project in South Africa.

The remaining funds will be earmarked for exploration on the company’s tenements in the Northern Cape of South Africa and for working capital.

Share purchase plan

In addition to the placement, Orion has launched a share purchase plan (SPP) providing shareholders an opportunity to increase their shareholding in the company as it continues to advance its Prieska Project development opportunity.

Orion is offering its shareholders as on October 23 2019 the opportunity to purchase shares under the SPP at 2.5 cents per share.

Quick facts: Orion Minerals Ltd

Price: 0.034 AUD

ASX:ORN
Market: ASX
Market Cap: $110.35 m
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BFS confirms 'quality and scale' of Orion Minerals' Prieska project

Orion Minerals Ltd's (ASX:ORN) Errol Smart talks Proactive London's Andrew Scott through the just-released BFS (Bankable Feasibility Study) on its Prieska Project in the Northern Cape region of South Africa. Smart's delighted with the results of it which he says confirm the project's...

on 24/6/19

2 min read