Orion Minerals enters deal with Independence Group

Company News

by Rachael Jones

Orion Minerals (ASX:ORN) has entered into an agreement with leading mid-tier miner, Independence Group (ASX:IGO) for them to become a substantial shareholder.

Independence Group will subscribe for a placement of ordinary shares in Orion at 5.0 cents per share to raise $5.0M.

They have secured matching rights to any potential joint venture or sale of Orion’s nickel projects located in South Africa.

Due to the lack of favourable environments world-wide which have the potential to host major new NickelCopper-Cobalt and VMS discoveries, Orion’s large ground holdings in the Northern Cape of South Africa provides both Orion and Independence Group significant exposure to exploration success.

Shares in Orion Minerals Limited (ASX:ORN) 22.22 per cent higher at 4 cents
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.