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Orion Minerals offers shareholders opportunity for SPP participation to raise up to $2 million

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

Orion Minerals Ltd - Orion Minerals offers shareholders opportunity to participate in SPP to raise $2 million
Orion is offering shareholders the opportunity to purchase shares at 2.5 cents per share

Orion Minerals Ltd (ASX:ORN) (JSE:ORN) is providing shareholders with an opportunity to increase their shareholding in the company under a share purchase plan (SPP) to raise up to $2 million.

The SPP will offer shareholders in Australia, South Africa and New Zealand the opportunity to participate in a capital raising on the same terms as the company’s recent $6.4 million placement.

Proceeds from the capital raisings will primarily be used to complete optimisation studies for a bankable feasibility study (BFS) and early-stage works for the  flagship Prieska Copper-Zinc Project in South Africa.

Funds will also be allocated to exploration on tenements in South Africa's Northern Cape region and for general working capital.

Details of the SPP

The SPP opened today and is expected to close on November 29.

Under the SPP each eligible shareholder will be entitled to apply for parcels of new shares from as little as $2,000 up to a maximum of $30,000 without incurring brokerage or transaction costs.

The issue price will be 2.5 cents per share for a maximum of 80 million SPP shares, which represents a 7.4% discount to the volume-weighted average price of Orion’s shares on the ASX during the five trading days prior to October 24.

All SPP shares will be quoted on either the ASX or JSE and will rank equally with other fully paid ordinary shares on issue.

 

Quick facts: Orion Minerals Ltd

Price: 0.023 AUD

ASX:ORN
Market: ASX
Market Cap: $66.69 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...

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