Orion Minerals increases capital raising to $6.4 million following additional investor support

Orion Minerals Ltd (ASX:ORN) (JSE:ORN) has received additional commitments from sophisticated and professional investors, increasing the amount raised by the company to $6.4 million, by way of a placement of shares at 2.5 cents per share.

Orion had announced yesterday that it received commitments to raise about $5.5 million through the share placement.

The company intends to utilise proceeds raised from the placement for bankable feasibility study (BFS) optimisation studies and early works at its flagship Prieska Copper-Zinc Project in South Africa.

The remaining funds will be earmarked for exploration on the companys tenements in the Northern Cape of South Africa and for working capital.

Share purchase plan

In addition to the placement, Orion has launched a share purchase plan (SPP) providing shareholders an opportunity to increase their shareholding in the company as it continues to advance its Prieska PrRead More – Source