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Orion Minerals enlarges capital raise target

25th October 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Copper developer Orion Minerals has increased its capital raise from A$5.5-million to A$6.4-million after receiving additional commitments from sophisticated and professional investors.

The ASX-listed company earlier this week announced the capital raise to fund the completion of a bankable feasibility study (BFS) and early stage work at the Prieska copper/zinc project, in the Northern Cape.

The number of shares up for offer has now increased from 222-million to 255-million, at an issue price of 2.5c each.

In addition to the share placement, Orion will also undertake a share purchase plan allowing shareholders to increase their holding in the company.

The share purchase plan will open on September 29.

The A$378-million Prieska project is 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.

Edited by Creamer Media Reporter

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