ASX- and JSE-listed Orion Minerals Orion Minerals said on Friday it has raised a total of A$3.6 million (R44 million) as a result of a capital raising programme which it extended to its retail investors.
The group said previously that it could raise up to R60 million, while the offer attracted significant interest from SA shareholders, with a total of R33.6 million raised in SA.
The Share Purchase Plan (SPP) was opened to Orion's 22 000 retail investors earlier this month, allowing eligible shareholders to purchase up to R365 000 worth of ordinary shares at a preferential share price of R0.18 per share, without incurring brokerage or transaction costs.
The junior miner, which is reviving copper operations in the Northern Cape, said the SPP model is commonplace in other markets, such as Australia, but it's novel to South African shareholders where capital raise programmes tend to overlook smaller shareholders.
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