Shares of Orion Minerals (ASX:ORN) were flat in recent Wednesday trade after the company said in a late Tuesday Australian bourse filing that it had secured firm commitments to raise about AU$5 million through a placement of around 333.3 million new shares at AU$0.015 each.

The placement includes the issuance of 66.7 million shares worth AU$1 million to Tarney Holdings, which is linked to Chairman Denis Waddell, subject to shareholder approval at the November annual general meeting, per the filing.

The funds will be used to advance early works at the Prieska copper zinc uppers mine in South Africa, complete optimization studies at the Okiep copper project in South Africa, and for general working capital needs, the filing said.

The placement is expected to be completed by around Oct. 14, the filing added.