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Orion Minerals in trading halt ahead of capital raising news

In Australia, the company maintains a tenement package in Fraser Range province as well as mineral rights across several tenements within the Walhalla project area in Victoria.

Orion Minerals Ltd - Orion Minerals in trading halt ahead of capital raising
Orion’s flagship project is the Prieska Zinc-Copper Project in South Africa’s Northern Cape province

Orion Minerals Ltd (ASX:ORN) has capital raising news pending and has been granted a trading halt by the ASX.

The trading halt will be in place until the start of normal trading on Thursday, October 24, or when an announcement is made to the market, whichever occurs earliest.

Shares last traded at 2.7 cents after reaching 3.3 cents on September 9.

Prieska project development  

In September the company completed the major component of its Black Economic Empowerment (BEE) restructure, marking another important step forward for the Prieska Copper-Zinc Project in South Africa.

The transactions included the issue of Orion shares to key existing BEE shareholders at the asset level and a simultaneous transaction with new BEE partner company Prieska Resources Pty Ltd.

Managing director and CEO Errol Smart said at the time: “We are pleased to have completed the major component of our BEE restructuring.

“This comes hard on the heels of the grant of a mining right and shows that we are continuing to tick all of the key boxes required to move the Prieska project forward as rapidly as possible.”

The effect of the transactions is to implement an ownership structure whereby Orion holds a 70% interest in Repli Trading No 27 Pty Ltd, which owns the majority of the Prieska project.

Quick facts: Orion Minerals Ltd

Price: 0.017 AUD

Market: ASX
Market Cap: $49.29 m

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on 3/9/19

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