PERTH (miningweekly.com) – ASX-listed Orion Gold is hoping to raise about A$2-million through a share placement to sophisticated and professional investors.
The company said on Wednesday that it would place 111.1-million shares, at 1.8c each, to raise the funds. The placement would be conducted in two tranches, with the first tranche expected to raise A$1.3-million, and to be issued under the company’s current placement capacity.
The second tranche of up to 38.9-million shares, required shareholder approval.
Commitments have already been received for the A$1.3-million tranche.
Orion said that proceeds from the placement would be used to progress exploration work on the Areachap project, in South Africa, where five drilling rigs are currently operational, and to progress exploration work at the Frasers Range and Connors Arc projects, in Western Australia and Queensland respectively.
Edited by: Creamer Media Reporter
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