viewOrocobre Limited

Orocobre completes marketing for C$20 million Canadian equity offering


Orocobre (ASX: ORE) have announced that the company has successfully completed marketing of its previously announced C$20 million (AU$21.44 million) Canadian offering of subscription receipts.

The offering will consist of 10,000,000 Subscription Receipts to be issued at a price of  $2.00 (AU$2.15) per Subscription Receipt.

Completion of the offering is subject to execution of subscription agreements by investors and receipt by the Company of subscription moneys. Both of these events are expected to occur on or about 31 March 2010.

Following the sale of the Subscription Receipts, the company will use commercially reasonable efforts to qualify the ordinary shares issuable upon the conversion of the Subscription Receipts by filing a prospectus in each of the provinces of Canada in which purchasers of the Subscription Receipts reside and to obtain a final receipt and to list the company’s ordinary shares on the Toronto Stock Exchange.

Approval of the TSX Listing will be subject to the company meeting all applicable TSX listing criteria.

The proceeds of the Offering will be held in escrow pending the issue of a final receipt for the Prospectus and the completion of the TSX Listing.

If the Escrow Release Conditions are satisfied the Subscription Receipts will be converted into an equivalent number of ordinary shares in the company.

Quick facts: Orocobre Limited

Price: 2.59 AUD

Market: ASX
Market Cap: $677.75 m

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