14/09/2009 - 14:30

ORH in $7.5m equity, debt deal

14/09/2009 - 14:30

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The Domenic Martino-chaired mining and engineering services company ORH has secured a $7.5 million equity and debt deal with Helmsman Funds Management.

The Domenic Martino-chaired mining and engineering services company ORH has secured a $7.5 million equity and debt deal with Helmsman Funds Management.

Helmsman has agreed to subscribe to $1.15 million worth of shares through a placement, provide a $2 million secured debt facility and partially underwrite a $4.4 million rights issue.

ORH chairman Domenic Martino welcomed Helmsman as a cornerstone investor at a time where there was renewed interest in the mining and engineering services sector.

Under the placement, Helmsman will subscribe to 34.34 million shares at 3.4 cents each while Helmsman will underwrite the one-for-two rights issue up to $2.6 million. Shares in the rights issue will also be priced at 3.4c.

On completion of the fund raising, Helmsman will have the right to nominate up to two directors to the board of ORH, formerly known as Orient Resources Holdings.

Shares in ORH closed unchanged at 4.6c today.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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