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Orocobre wraps up placement to raise $6.25 million

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Australian-listed minerals exploration company Orocobre (ASX: ORE) has announced it has completed a placement of 5.68 million shares to institutional investors at an issue price of A$1.10 to raise $6.25 million

The issue price of represents a 5.2% discount to the 10 day volume weighted average price prior to the Company entering into a trading halt and the issue was heavily oversubscribed.

Current and former Directors have collectively exercised 7,000,000 unlisted options at a cost of A$1,750,000.

This was part funded by the sale of 1,250,000 shares at $1.10, 750,000 of which were placed to clients of Patersons Securities Ltd and 500,000 were sold to Lithium Investors LLC, a company associated with Chairman James Calaway.

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