Orion Minerals is set to undertake a capital raising of $5.5m to fund the advancement of the Prieska zinc-copper project in South Africa.

The capital raising comprises $3.47m in the first tranche of the placement and an additional $2.03m in the second.

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Proceeds from the placement will be used to progress the resource drilling campaign at the Prieska project and to continue exploration programmes on the company’s Northern Cape South African tenements, as well as for working capital purposes.

Under the initiative, the company expects to offer up to 229.167 million ordinary fully paid shares.

Tranche 1 will include 144.583 million shares, while Tranche 2 will have up to 84.583 million shares.

“Tranche 1 will include 144.583 million shares, while Tranche 2 will have up to 84.583 million shares.”

The second tranche is conditional on the receipt of shareholder approval at a general meeting scheduled to be held in December this year.

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According to the company, investors have given the commitment to subscribe for the placement.

The company is currently engaged in the process of defining a maiden mineral resource estimate as defined in the Australasian code for reporting of exploration results, mineral and ore resources, and the JORC Code to be fed into the bankable feasibility study (BFS).

The BFS is expected to add to the existing historical dataset regarding mining and processing activities, as well as the new information being generated by the onsite activities.

Alongside the advancement of the Prieska project, funds will also be directed towards exploration programmes, including an airborne electromagnetic survey and regional geochemistry on the Northern Cape South African tenements.