Orion Minerals’ secondary listing of its fully paid ordinary shares on the main board of the Johannesburg Stock
Exchange (JSE), commenced on the JSE at 09h00 South African time (17h00 Melbourne time) on Monday 18 September 2017.
The JSE listing is consistent with Orion Minerals’ strategy of engaging South African capital markets in
the funding strategy of the Prieska zinc-copper project.
The ability to access South Africa’s large parastatal banks and funds, which are captive within South Africa due to
South African Exchange Control restrictions, is expected to significantly increase funding options for the company.
The JSE listing has the additional benefits of:
- providing an accessible market in company shares for South African investors, thus increasing domestic ownership whilst aligning interests with foreign investors
- allowing Orion to market itself and raise its profile in South Africa, thereby providing the company with better access to South African institutions and to capitalise on funds that are locked within South Africa’s borders due to South African Exchange Control restrictions
- providing opportunities for South African state owned entities to invest in the Prieska project
- focusing the attention of potential South African investors on the merits of investing in Orion Minerals, thereby helping to enlarge the potential investor pool for the company and over time improve the liquidity and marketability of Orion Minerals shares
- allowing the possibility of Orion Minerals using its JSE-listed shares to make project acquisitions through non-cash scrip settlements listed on the JSE that would otherwise be precluded due to South African exchange control restrictions; and
- adding further momentum to Orion Minerals’ base metal development strategy in South Africa.
Orion Minerals’ secondary listing of its shares is in the “Gold Mining” sector, under the abbreviated name “ORIONMIN”, JSE share code “ORN” and ISIN “AU000000ORN1”
The company’s primary listing will remain on the ASX and it will continue to be regulated by the Australian Securities and Investments Commission.
Non-South African shareholders will be able to freely transfer their shares between the exchanges for trading and
all proceeds will be able to be freely remitted to source.
Feature image credit: Orion Minerals