Orion Minerals Launches A$12.7M Share Purchase Plan at 1.5 Cents/Share

  • Offering existing shareholders new shares at 1.5 cents per share.
  • Aiming to raise approximately A$12.7 million (~ZAR152.3 million) for project developments.
  • Shareholders in various regions eligible to participate, aiming to close by July 23, 2024.

Orion Minerals Limited (ASX/JSE: ORN) has launched a Share Purchase Plan (SPP) to allow eligible shareholders to buy new shares at an issue price of 1.5 cents per share (ZAR18 cents). This SPP follows a successful Placement of new shares to sophisticated and professional investors, raising approximately A$7.7 million (~ZAR92.3 million).

Purpose of Funds

The funds raised from the SPP and Placement will primarily support:

  1. Development of Prieska Copper Zinc Mine: Including mine dewatering, access development, procurement, and construction.
  2. Okiep Copper Project: Permitting and infrastructure development for early production.
  3. Exploration: Ongoing drilling and mineral resource expansion.
  4. Prospecting Rights Maintenance: Ensuring timely applications for mining rights in South Africa’s Northern Cape.
  5. General Working Capital: Supporting operational expenses.

Details of the SPP

  • Eligibility: Shareholders with a registered address in Australia, New Zealand, South Africa, the European Union (Germany and Netherlands), Jersey (Channel Islands), United Kingdom, Mauritius, and Singapore as of 7:00pm (Melbourne time) on 28 June 2024.
  • Subscription Limits: Minimum A$165 (or ZAR2,000) up to a maximum of A$30,000 (or ZAR365,000).
  • Issue Price: 1.5 cents per share (ZAR18 cents), a 1.7% discount to the VWAP on the ASX and a 16.1% discount to the VWAP on the JSE during the 5 trading days prior to the announcement.
  • Total Shares to be Issued: Approximately 333.33 million shares.

Timetable

EventDate
Record Date28 June 2024, 7:00pm (Melbourne)
Offer Opens5 July 2024
Offer Closes23 July 2024, 7:00pm (Melbourne)
Allocation Announcement29 July 2024
Issue Date30 July 2024
Quotation of New Shares31 July 2024
Dispatch of Holding Statements5 August 2024

Conclusion

Orion Minerals Limited’s SPP offers shareholders an opportunity to increase their stake at a favorable price, supporting the company’s key projects and exploration efforts. The funds will primarily advance the Prieska Copper Zinc Mine and Okiep Copper Project, enhancing Orion’s position in the copper and zinc markets.


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