OreCorp (ASX:ORR) reaches funding for Nyanzaga Gold Project

Company News

by Lauren Evans

OreCorp (ASX:ORR) has announced they have successfully issued 65,500,000 million fully paid ordinary shares at $0.80 per share, to domestic and overseas sophisticated investors.

On 17 June 2021, the company announced the institutional placement of 70 million shares to raise $56 million. The remaining $4,500,000 shares under the placement will be issued upon receipt of proceeds.

The primary focus of the Western Australian company is the development of the Nyanzaga Gold Project in Northwest Tanzania. Proceeds from the placement will be used to fund the completion of Nyanzaga's feasibility study and predevelopment activities such as relocation action plans and front-end engineering.

Shares in Orecorp (ASX:ORR) closed 0.25 per cent higher at $0.80 on Friday.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.