By: Creamer media

Under the SPP, each eligible shareholder was entitled to apply for parcels of new fully paid ordinary shares from a minimum parcel of A$170, or R2 000, up to a maximum of A$30 000, or R355 000, without incurring brokerage or transaction costs.

The SPP attracted strong support from shareholders, particularly those in South Africa, where a total of R20.6-million, or about A$1.79-million, was raised, Orion points out.  

The SPP follows the capital raising completed earlier this month by way of placement of 289-million shares to sophisticated and professional investors and agreement to convert outstanding loan amounts owed by Orion to equity through the issue of 233-million shares, for a total aggregate value of about A$5.8-million, or about R67-million.

“As Orion begins accelerating towards production, I wish to thank all shareholders and investors who chose to participate in the placement and SPP, particularly those from South Africa.

“We appreciate the ongoing support of our shareholders and welcome the new investors. We are working hard to secure the necessary financing that will transition Orion to becoming a producer and create value for all stakeholders,” says CEO and MD Tony Lennox.

Orion is developing its flagship Prieska copper/zinc mine and Okiep copper project in South Africa’s Northern Cape.