Orange Minerals to Raise AU$600,000 via Share Purchase Plan
Orange Minerals (ASX:OMX) is raising AU$600,000 through a share purchase plan to fund its exploration and drilling activities, according to a Tuesday filing with the Australian bourse.
New shares to be issued are priced at AU$0.024 apiece, representing an 8% discount to the closing price on Aug. 26 and a 7% discount to the five-day volume-weighted average price.
Orange Minerals' board has the option to scale back the applications or increase the target amount. The share purchase plan will open tomorrow and conclude on Sept. 19.
Funds will be used to complete an initial drilling program at the Lennons Find project in Western Australia and for exploration activities at the Majestic and Mulga Rock projects east of Kalgoorlie, the filing stated.
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