Orinoco raises cash for Brazilian project
PERTH (miningweekly.com) – Gold hopeful Orinoco Gold has launched a A$4-million capital raising to underpin the next phase of exploration and development at its flagship Faina Goldfields project, in Brazil.
The capital raising would comprise the placement of about 11.47-million shares in two tranches, at 10c each, to raise an initial A$1.14-million.
The first tranche placement would be conducted under the company’s existing 15% placement capacity, while the second tranche would require shareholder approval.
In conjunction with the placement, Orinoco would also launch a nonrenounceable entitlement issue to shareholders. The entitlement issue would allow shareholders to subscribe for one share for every three existing shares held, at an issue price of 10c each.
The funds raised would be used to advance the Cascavel project, which forms part of the Faina Goldfields, towards a maiden Joint Ore Reserves Committee-compliant resource, including the development of an exploration decline and infill drilling.
The funds would also be used towards funding a scoping study and making the final retention payment on the Cascavel and Tinteiro projects.
MD Mark Papendieck said he was pleased with the level of interest received from investors in the share placement, which would also result in the introduction of new institutional and high net worth investors to the share register.
“Despite the continuing difficult market conditions for junior resource companies, we have received strong interest and support from investors, enabling us to complete this placement in a timely fashion to address our immediate funding needs.”
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