JSE- and ASX-listed Orion Minerals has received firm commitments for the first two tranches of about $6-million for a placement targeting up to $20-million, while discussions with potential participants for the third tranche are continuing.
On June 22, Orion announced that it was undertaking a capital raising to underpin the next phase of development of its portfolio of advanced base metal assets in South Africa’s Northern Cape province.
The capital raising is being conducted through a three-tranche placement to sophisticated and professional investors, Orion nonexecutive director Tom Borman and Orion chairperson Denis Waddell and comprises the issuing of up to 1-billion ordinary shares and, in respect of the first two tranches, the issuing of up to 151-million free attaching options.
Orion also announced in June that it was undertaking a share purchase plan (SPP), providing shareholders an opportunity to increase their shareholding in Orion.
Orion is offering its shareholders with a registered address in Australia, South Africa, New Zealand, the European Union (Germany and Netherlands), Jersey (Channel Islands), Mauritius, Seychelles, Singapore and the UK the opportunity to buy shares under an SPP.
The closing date of the offer under the SPP has been extended by one week to August 12.
The extension will ensure that all eligible shareholders have additional time to participate in the SPP offer, the company says.