Mineral resource company Orocobre (ASX:ORE) has settled $234 million in the first tranche of a placement with Toyota Tsusho, in addition to raising $34 million in the institutional component of its $79 million entitlement offer.
The $282 million strategic placement to Toyota Tsusho which raised $234 million in the first tranche settled yesterday, 18 January 2018.
The second tranche will raise a further $47 million, and is subject to shareholder approval at the company’s General Meeting to be held on 26 February 2018.
Approximately 5.2 million new Orocobre shares will be issued under the $34 million institutional entitlement offer with shares priced at $7.50 per share.
The retail component of the entitlement offer will open on 23 January 2018, expecting to raise approximately $45 million.
Shares in Orocobre (ASX:ORE) are trading 1.27 per cent lower at $7.05.