Orion Minerals plans a capital raising
Minerals explorer requests halt on securities trading ahead of announcement
Orion Minerals, a small-cap minerals explorer listed in Australia and on the JSE, says it has requested that trading in its securities be halted with immediate effect as it is planning a capital raising.
“The reason for the trading halt is that Orion anticipates making a material announcement in relation to a proposed capital raising,” it said.
The company had asked for a trading halt to be in place until the end of the week, or earlier if it makes the announcement before then.
In December, Orion said it had converted about two-thirds of its Prieska zinc and copper resources to a higher-confidence category after a drilling campaign, pushing it closer to its bankable feasibility study.
Orion plans to build a new mine and processing plant at the Prieska mine, which is about 270km southwest of Kimberley and was operated by Anglovaal Mining for two decades up to 1991. It is also exploring in the Fraser Range in Western Australia.