ASX-listed Orion Minerals has secured firm commitments for a placement of new ordinary shares to sophisticated and professional investors to raise A$7.7-million, or R92.3-million.
About 513-million shares will be issued at a price of A$0.01, or R0.18, apiece.
Orion also intends to launch a share purchase plan to existing eligible shareholders whereby existing shareholders will be able to buy up to A$30 000, or R365 000, worth of shares at the same offer price as the placement.
The combined proceeds of the fundraise will be used for development of the Prieska zinc and New Okiep copper mines, which are based in South Africa’s Northern Cape province.