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Orion Minerals (ASX:ORN) - CEO & Managing Director, Errol Smart
CEO & Managing Director, Errol Smart
Source: Engineering News
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  • Orion Minerals (ORN) has placed its shares in a trading halt for the purpose of an upcoming capital raising
  • The company’s shares will remain halted until February 25 or when an announcement is released, whichever occurs first
  • In mid-February, Orion secured the rights to acquire the head office and database of O’Okiep Copper Company for around $2.15 million
  • The acquisition allows the company to fast-track the evaluation and exploration activities across the Okiep Copper Complex
  • Orion has submitted a mining right application and an environmental approval which will allow initial mining of three deposits
  • These permits will allow the construction of a central milling and float concentration plant as well as a new tailings storage facility
  • Shares in Orion last traded at 4.1 cents on February 22

Orion Minerals (ORN) has placed its shares in a trading halt for the purpose of an upcoming capital raising.

The company’s shares will remain halted until February 25 or when an announcement is released, whichever occurs first.

Orion is yet to disclose how much it intends to raise or what it will use the funds for once received.

In mid-February, Orion revealed it had secured the right to acquire the head office and database of O’Okiep Copper Company for ZAR25 million (around A$2.15 million).

This will consist of both cash and shares.

The acquisition allows Orion to fast-track the evaluation and exploration activities across the Okiep Copper Complex, which lies 450 kilometres east of its flagship Prieska Copper-Zinc Project.

Orion has submitted a mining right application to the Department of Minerals and Energy as well as an environmental approval, which will allow initial mining of three deposits.

These permits will allow the construction of a central milling and float concentration plant as well as a new tailings storage facility.

Shares in Orion last traded at 4.1 cents on February 22. The company has a $139.9 million market cap.

ORN by the numbers
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