JOHANNEBSURG - AUSTRALIAN junior minerals explorer Orion Minerals has halted trade ahead of an announcement to update the market on its capital-raising efforts.
Orion, which is developing the Prieska Copper mine in the Northern Cape, is expected to inform shareholders how much it intends to raise and how it will allocate proceeds of the capital raise.
“The trading halt is requested until the commencement of trade on Thursday, February 25, or such earlier time as Orion makes an announcement to update the market in relation to a capital raising,” said the group.
Earlier this month, Orion said it had secured an option to acquire the entire furnished head office and database of the O’Okiep Copper Company (OCC) for R25 million, payable in cash and Orion shares.
The data included exploration records and historical due diligence reviews over much of the Northern Cape Province, including Orion’s own Prieska copper-zinc mine and the Areachap Belt, undertaken by Newmont and Goldfields through the OCC.
BUSINESS REPORT