10/11/2008 - 16:38

Oroya Mining intends to raise over $1m

10/11/2008 - 16:38

Bookmark

Upgrade your subscription to use this feature.

Perth-based Oroya Mining intends to raise over $1 million through a renounceable rights issue to continue it's exploration projects around the country.

Perth-based Oroya Mining intends to raise over $1 million through a renounceable rights issue to continue it's exploration projects around the country.

The issue will offer one new share and one free attaching option for every one share held at an application price of 0.4 cents per share.

Oroya Mining closed the day with a share price of 0.5 cents.

In Western Australia, Oroya's main focus is on nickel exploration near Kalgoorlie, in joint venture with Vale Inco, one of the world's largest nickel producers.

 

 

Full announcemnet below:

 

Oroya Mining Limited is pleased to announce a renounceable rights issue (Rights Issue) to raise approximately $1.3 million before costs.

Patersons Securities Limited will act as Lead Manager to the Rights Issue which will offer one new share and one free attaching option for every one share held at an application price of 0.4 cents per share.

The new options will have an exercise price of 0.8 cents and will expire on 1 December 2011.

The Company will apply for the quotation of new shares and new options on ASX.

Oroya Mining has incorporated a top up facility whereby eligible shareholders may apply for additional shares in excess of their entitlement at the issue price. Additional shares will only be available to the extent that other eligible shareholders do not take up their entitlements.

The funds raised will be used to continue the evaluation of the Company's exploration projects in New South Wales, Victoria and Western Australia.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options