Orion Metals Limited (ASX:ORM)
71 Lytton Road East Brisbane Qld 4169
GPO Box 122 Brisbane Qld 4001
Phone: 61 7 3249 3060
Fax: 61 7 3249 3061
ABN 89 096 142 737 www.orionmetals.com.au
01 May 2012
ASX ReleaseORION METALS LIMITED (ASX: ORM) COMPLETES $1.1 MILLION FINANCING
ORM announces that the Company has raised $1.1 million from its 3 largest shareholders, Conglin Investment Group, Jien Mining and Metallica Minerals Limited. The financing was provided by way of a private placement to each shareholder to raise $750,000 and a converting loan agreement wi th Conglin Investment Group for an additional $350,000.
The funds are to be applied to exploration and evaluation work including the acquisition of the Company's new South Korean projects (refer ASX announcement of 26 April 2012) and for general working capital purposes. The raising takes ORM'S current cash position to approximately $A3.8 million.
The placement will see the issue of 7,500,000 shares at 10 cents each to the three largest ORM
shareholders as follows: