Orion Minerals (ORN) has announced that Independence Group (IGO), an Australian-listed base metals miner and developer, has subscribed to $5m in new equity in ORN at AUD 5c/share, a ~35% premium to the current share price. IGO, which operates the Nova nickel-copper, Jaguar copper-zinc and Long nickel mines in Western Australia, will own 11.1% of ORN post subscription, up from 4.2% prior to this transaction. We view this injection as a strong endorsement of ORN’s prospects for value-creation, bot ....
18 May 2021
Independence Group share subscription underpins value of wider Orion portfolio; PT increased to 15c
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Independence Group share subscription underpins value of wider Orion portfolio; PT increased to 15c
Orion Minerals (ORN) has announced that Independence Group (IGO), an Australian-listed base metals miner and developer, has subscribed to $5m in new equity in ORN at AUD 5c/share, a ~35% premium to the current share price. IGO, which operates the Nova nickel-copper, Jaguar copper-zinc and Long nickel mines in Western Australia, will own 11.1% of ORN post subscription, up from 4.2% prior to this transaction. We view this injection as a strong endorsement of ORN’s prospects for value-creation, bot ....