Orinoco Gold capital raising oversubscribed

Company News

by Jessica Ellerm


Orinoco Gold Limited (ASX:OGX) has announced firm commitments for its $4.5 million capital raising have seen the introduction of new local and international institutional investors onto its register.
 
The raising will allow the company to plan growth initiatives related to expanding production at its Cascavel Gold Mine.
 
US based private equity group, the Cartesian Group, is participating in the raising, complementing the funding partnership it already has in place with Orinoco for Cascavel.
 
The placement comprises of 19.6 million shares at an issue price of 23 cents per share, with an additional option available for every three shares subscribed.
 
Orinoco Gold Limited reported a net loss of $8.2 million at 31 December 2015.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.