Dual-listed Orion Minerals’ share purchase plan (SPP) closed last week.
The SPP was announced in October and closed on December 6.
Under the SPP, Orion provided each eligible shareholder the opportunity to subscribe for new ordinary fully paid shares in parcels starting from $2 000 up to a maximum of $30 000 at an issue price of $0.025 a share, without incurring brokerage or transaction costs.
The issue price is the same price as the shares issued under the recently completed $7.7-million placement.
In a statement on Wednesday, the company said the SPP had attracted “strong support” from eligible shareholders, with applications totalling $1.7-million received.
The issue date for the subscribed shares under the SPP is expected to be December 12, with quotation of new shares and dispatch of holding statements expected to take place the day thereafter.
The outstanding result increases the total amount raised through the recently completed capital raising process to about $9.5-million, putting Orion in “an excellent position” to deliver on its growth strategy at the Prieska copper and zinc project, in South Africa, in 2020.
MD and CEO Errol Smart said the SPP closure “caps off what has been an outstanding year”, which has seen Orion achieve numerous milestones, including the delivery of a substantial mineral resource and ore reserve, a high-quality bankable feasibility study (BFS), as well as the completion of permitting and securing of new black economic empowerment investors.
He also said the company was “making excellent progress with post-BFS optimisation and project funding”.