Orocobre to pocket C$20 million via placement of subscription receipts

By Devika Patel

Knoxville, Tenn., March 9 - Orocobre Ltd. said it will raise approximately C$20 million in a private placement of subscription receipts.

The final price and size of the offering will be determined by March 22. Settlement is expected March 31.

Cormark Securities Inc. and CIBC World Markets Inc. are the lead agents.

Proceeds will be used to finance the further development of the company's lithium project pipeline.

Based in Brisbane, Australia, Orocobre is a mineral explorer.

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