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Independence raises stake in Orion Minerals to 11.1%

Independence Group NL secured a substantial shareholding in Orion Minerals Ltd. by subscribing to a A$5.0 million placement at 5 Australian cents apiece, raising its stake in Orion from 4.2% to 11.1%.

Meanwhile, Independence secured preferential rights to joint venture or purchase Orion's nickel projects in South Africa's Areachap belt. The agreement covers Orion's Jacomynspan nickel-copper-cobalt project.

Orion said May 18 that it has identified the potential for discovery of nickel hosting massive sulphide bodies similar to Independence's Nova-Bollinger mine in Western Australia's Fraser Range and will use at least A$1.5 million from the placement funding for exploration at its nickel-copper-cobalt targets.

The company will also use the funds to fast-track redeveloping its flagship Prieska zinc-copper project in South Africa.