Orion Minerals Ltd. received additional commitments of about A$900,000 from investors, allowing it to increase its capital raising to A$6.4 million through the placement of 255 million shares at 2.5 Australian cents each.
The company recently said it was planning to raise about A$5.5 million, along with the launch of a share purchase plan.
Orion will use the proceeds to fund a bankable feasibility study, optimization studies and early works for its flagship Prieska copper-zinc project in South Africa.
The company expects the share purchase plan to open Oct. 29 and close Nov. 29, it said Oct. 25.
Orion unit Repli Trading No 27 (Pty.) Ltd. was granted a mining right over its portion of the Prieska deposit, clearing the way for construction to start in September.