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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.