Copper play Orion Minerals chases $25m top up
Petra Capital was in the market with a $25 million placement for ASX-listed copper play Orion Minerals on Tuesday morning.
The broker was seeking buyers at 3.6¢ a share which was a 12.2 per cent discount to the last close.
The deal was structured as a two-tranche placement, run by new pairing Petra Capital and Jett Capital Advisors.
Funds raised were pegged for Orion Minerals’ Prieska Project, based in South Africa’s Northern Cape province, and the acquisition of the nearby Okiep copper complex, according to terms sent to potential investors.
The brokers were calling for bids by 2pm on Wednesday.
Orion Minerals had a $140 million market capitalisation prior to the raising. Its shares went into a trading halt on Tuesday morning.
It continues a run of copper hopefuls rushing to market, to capitalise on investor demand in the metal. Monday’s raisings included copper juniors Caravel Minerals and KGL Resources.