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.