Orion Minerals raises funds for Prieska
South Africa-focused Orion Minerals will raise some A$5.5-million from a share placement to sophisticated and professional investors 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 company said last week it had received firm commitments for the placement of 222-million shares, priced at 2.5c each, with shareholder Tembo Capital Mining Fund and its affiliates subscribing for A$2.5-million of the placement.
The placement falls within Orion’s placement capacity, and will not require shareholder approval.
“Importantly, the funds raised will be used to take us to the next significant milestones – completion of optimisation studies on the already positive Prieska copper/zinc project BFS, commencement of Prieska project early works, and progressing the financing negotiations and contract preparations for the Prieska project,” said Orion chairperson Denis Waddell.
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