Orion Minerals enlarges capital raise target
PERTH (miningweekly.com) – Copper developer Orion Minerals has increased its capital raise from A$5.5-million to A$6.4-million after receiving additional commitments from sophisticated and professional investors.
The ASX-listed company earlier this week announced the capital raise to fund the completion of a bankable feasibility study (BFS) and early stage work at the Prieska copper/zinc project, in the Northern Cape.
The number of shares up for offer has now increased from 222-million to 255-million, at an issue price of 2.5c each.
In addition to the share placement, Orion will also undertake a share purchase plan allowing shareholders to increase their holding in the company.
The share purchase plan will open on September 29.
The A$378-million Prieska project is expected to produce at a rate of 2.4-million tonnes a year, producing 189 000 t of copper and 580 000 t of zinc in its ten-year foundation phase.
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