ORN – Orion Minerals Limited
.
Orion Raises $15.4M (ZAR181M) to Advance Key South African Copper Projects
Strongly supported raising puts Orion in a strong position to complete its transition to copper producer
➢ Firm commitments received for a Placement to sophisticated and professional investors comprising approximately 698 million Shares at an issue price of 2.2 cents per Share (ZAR26 cents) to raise ~$15.4 million (~ZAR181.5 million).
➢ Participants in the Placement will also be offered one attaching option for each two Shares issued under the Placement, exercisable at 3.1 cents (ZAR37 cents) and expiring 36 months after the date of issue (expected expiry date of 28 May 2029).
➢ Orion intends to apply the funds raised from the Placement principally to:
o Continue early works at the Uppers Mine at the Prieska Copper Zinc Mine (PCZM), including ongoing dewatering and site works, while project funding is being finalised;
o Commence development of the Prieska Uppers Mine when Glencore’s financing becomes unconditional;
o Finalise optimisation studies, ongoing site works and resource extension drilling at the Okiep Copper Project, including following up recently announced high-grade results; and
o Provide general working capital, including for ongoing work associated with the finalisation of the financing and offtake agreements with Glencore for the development of PCZM.
… went as low as $0.022, when it was reinstated, and now $0.027 .. at the time ..” Johannesburg Stock Exchange has not declared a corresponding voluntary suspension and, accordingly, investors should exercise caution when dealing in Orion’s securities until such time as Orion makes an announcement to the market in relation to the outcome of the capital raising.”
