Orion confirms capital raise at premium
PERTH (miningweekly.com) – Dual-listed Orion Minerals on Monday confirmed its intention to raise A$8-million through a share issue priced at a 30% premium to its last closing price on the ASX.
Orion last week suspended share trading on the ASX and the JSE pending the announcement of a capital raise.
The company on Monday revealed plans to conduct the raising at a price of 4c a share, with its South African investors expected to subscribe for about half of the shares on offer as part of its black economic-empowerment obligation. Orion’s largest shareholder, Tembo Capital, was expected to take another "significant chunk" of shares, the developer of the Prieska copper/zinc project added.
The shares would be issued with one free attaching option for every two shares issued, at an exercise price of 5c each and a term of about six months.
Orion told shareholders that the capital raising would likely be underpinned by a group of high-profile South African investors as part of a broader restructuring of the company’s black-empowerment equity at operating level, achieving compliance with the South African Mining Charter.
The company said it would make an announcement on the proposed capital raising on Tuesday.
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