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