Deal announced alongside C$20 million bought-deal public stock sale
By Devika Patel
Knoxville, Tenn., Feb. 3 - Orocobre Ltd. said it plans a private placement of shares via lead manager Patersons Securities Ltd. The deal is set to raise A$15 million.
The company will sell 4,673,000 ordinary shares at A$3.21 apiece, a 4.75% discount to the Feb. 2 closing share price of A$3.37.
The company also said it plans a bought-deal public stock offering for C$20 million at C$3.20 per share.
Proceeds from both offerings will be used for detailed engineering design work, operation of the pilot plant and other project activities, production bore drilling and procurement of long lead items in relation to the construction of the Salar de Olaroz Project during the JV negotiation period with Toyota Tsusho, for the completion of property purchase contracts at the Olaroz Project and for working capital and general corporate purposes.
Based in Brisbane, Australia, Orocobre is a mineral explorer.
| Issuer: | Orocobre Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$15 million
|
| Shares: | 4,673,000
|
| Price: | A$3.21
|
| Warrants: | No
|
| Manager: | Patersons Securities Ltd. (lead)
|
| Pricing date: | Feb. 3
|
| Stock symbol: | Australia: ORE
|
| Stock price: | A$3.37 at close Feb. 3
|
| Market capitalization: | A$307.28 million
|
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