Dual-listed base metals developer Orion Minerals has increased its share placement to sophisticated and professional investors to $7.7-million, from the $6.4-million originally announced on October 25.
The company has now placed about 308-million fully paid ordinary shares at $0.025 apiece.
ASX- and JSE-listed Orion will use the proceeds raised from the placement for the bankable feasibility study optimisation studies and early works at its Prieska volcanic massive sulphide copper/zinc project, in South Africa’s Northern Cape province.
Remaining funds will be used for exploration on the company’s tenements in the Northern Cape, as well as for working capital.
Further, Orion previously announced that it had launched a share purchase plan (SPP), in addition to the placement, providing shareholders the opportunity to increase their shareholding in the company.
Orion on Thursday in a release explained that the SPP offer gave eligible shareholders the opportunity to participate in Orion’s capital raising on substantially the same terms as the placement.
The SPP opened on October 30 and is expected to close on November 29.