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Unnamed investor pulls out of A$1.4M subscription deal with Orinoco Gold

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Unnamed investor pulls out of A$1.4M subscription deal with Orinoco Gold

said March 29 that ithas agreed to the termination of a binding commitment letter, under which an investorwas supposed to subscribe for about A$1.4 million of the shortfall from the company'spreviously announced A$5.0 million rights issue or through an additional placement.

The bindingcommitment letter with the international investment company was in December 2015, along with theA$5.0 million rights issue and a separate non-binding term sheet with the same firmfor an additional investment of A$10.0 million to A$14.0 million, which was laterterminated after the partiesfailed to agree on the deal's commercial terms.

Meanwhile, Orinocosaid it has previously received expressions of interest for the majority of theremaining shortfall from the rights issue from existing shareholders and GMP Securities.The company previously noted that it has cash resources of A$3.7 million followingthe completion of its capital raising, with firm commitments for A$860,000 in rightsshortfall.

The capitalraising was launched to secure funding for a major increase in production at Orinoco'sCascavel gold projectin Brazil.