https://www.miningweekly.com

Orion raises cash to advance South African project

30th October 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Metals developer Orion Minerals will raise A$5.5-million in a share placement to progress its Prieska zinc/copper project, in South Africa.

Some 229.1-million shares will be placed in two tranches to sophisticated and professional investors, priced at 2.4c each.

The first tranche of 144.5-million shares will be issued under Orion’s 15% placement capacity, while the second tranche of up to 84.5-million shares will be subject to shareholder approval.

Orion said on Monday that proceeds from the placement would be used to progress an intensive resource drilling campaign at the Prieska project, in order to define a maiden mineral resource estimate. This resource estimate would form part of a bankable feasibility study.

Funds would also be used to continue exploration on the company’s Northern Cape tenements, and for working capital purposes.

Orion earlier this year gained a 73.33% foothold in the Prieska project through the acquisition of Agama Exploration & Mining for A$5.3-million.

The Prieska project historically produced some 430 000 t of copper and about one-million tonnes of zinc between 1971 and 1991, at which time it was closed.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ASTPM
ASTPM

Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...

VISIT SHOWROOM 
AirNox Pty Ltd
AirNox Pty Ltd

AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.051 1.237s - 111pq - 2rq
Subscribe Now