COMMUNITY
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Funding and financial review As an exploration and mine development company with no revenue, Orion must continuously raise money from shareholders and capital markets to fund its activities and progress its projects. In June 2022, Orion started another round of fundraising that aims to raise $20 million in three tranches so that it can progress its mine and metal refinery development projects. This money will be important, (along with the $87 million agreed to in a non-binding term sheet earlier in May 2022), as the foundation for developing the Prieska Copper Zinc Mine. Despite adverse market conditions, Orion is pleased to advised that it received firm commitments for $6 million from the first two tranches and the third tranche is expected to close in August 2022.
experienced globally has resulted in some of our
The recent global recession and associated drop in metals prices (including copper) and concerns over high inflation rates that are being
prices have shown a positive trend to recovery
ASX: ORN | JSE: ORN
potential investors requiring more time to better understand what the capital markets are doing before committing to new/ongoing investments. This has affected Orion’s planned fund raising timelines and requires that company spending is focused on activities that keep projects moving forward while the fund raising process is completed. We are pleased to note that the metal over the past two weeks, which is encouraging for early closing of funding.
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