Orion Minerals
Orion Minerals CEO and MD, Errol Smart. Photo: Mining Review Africa

ASX-listed Orion Minerals has increased its share placement to investors by $1.3 million to $7.7 million, by way of the placement of 308.7 million fully paid ordinary shares.

On 1 November 2019 and 5 November 2019, the Orion Minerals issued a total of 254.8 million shares in the company at $0.025 per share, to raise $6.4 million, following the receipt of funds from investors for placement commitments.

Orion Minerals expects to issue the remaining placement shares shortly.

The challenges facing investment - Orion Minerals MD, Errol Smart

It intends to utilise proceeds raised from the Placement for BFS optimisation studies and early works at its flagship Volcanic Massive Sulphide Prieska Copper-Zinc Project, with the remainder earmarked for exploration on the company’s tenements in the Northern Cape of South Africa and working capital.