PERTH (miningweekly.com) – Base metals developer Orion Minerals will raise A$350 000 through a share placement to a South African sophisticated and professional investor.
The ASX- and JSE-listed company on Tuesday announced that it would issue 10.5-million shares, at a price of 3.3c each under its existing placement capacity.
Orion told shareholders that the funds raised would be used to resume exploration activities at its Northern Cape tenements, as well as for general working capital purposes.
Orion was recently granted a final mining right for its Prieska copper/zinc project, allowing construction to start on the A$378-million project, subject to financing. The Prieska project is currently 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.