Orocobre closes retail entitlement offer

Company News

by Kathy Skantzos

Orocobre (ASX:ORE) has announced it has closed its retail entitlement offer, raising $45 million.

Eligible retail shareholders subscribed to approximately 4 million new shares worth $26 million, representing 58 per cent of the retail entitlement offer.

Approximately 2.9 million retail entitlements worth $19 million represent the retail shortfall bookbuild, which will commence on the market today.

Eligible retail shareholders were also given the option to trade their entitlements on the ASX, with about $750,000 retail entitlements traded on the market.

The institutional component of the entitlement offer raised approximately $34 million, taking the total entitlement offer to approximately $79 million.

Shares in Orocobre (ASX:ORE) closed 3.65 per cent higher yesterday at $6.53.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.