PERTH (miningweekly.com) – Lithium miner Orocobre has exceeded its share purchase plan (SPP) target by some A$13-million, with the ASX and TSX-listed company on Friday revealing that its SPP had raised A$43-million.
Orocobre in August announced plans to raise A$30-million through an SPP as part of a greater A$126-million capital raise to fully fund the Stage 2 expansion of the Olaroz project, and to deliver the ramp-up of the Stage 1 project through a range of operating, Covid-19 and pricing environments, as well as capital for future growth initiatives.
However, Orocobre on Friday said that in response to the strong demand received from shareholders, the company had taken the decision to increase the size of the SPP above its original target.
Some 17-million shares will now be issued at the start of October under the SPP, at a price of A$2.52 each.
With the SPP now closed, Orocobre has raised A$169-million.