Orion Minerals Limited has received a substantial financial boost as Clover Alloys exercised options nearing expiration, resulting in a ZAR5.0 million (USD1 = ZAR18.6489) fund infusion for Orion. This strategic move by Clover Alloys, which now holds approximately a 9% interest in Orion, was confirmed by CEO Errol Smart, signaling a strengthening of ties between the two companies.
Initially, Clover Alloys had decided against exercising the options due to expire on November 30, following a placement earlier in the year. However, in an unexpected turnaround, Clover Alloys chose to proceed with the exercise, purchasing 25 million shares at the predetermined rate of ZAR20 cents each before the deadline.
This confirmation of funds, which is expected to result in the issuance of new shares following clearance, underscores Clover Alloys' role as a significant and supportive shareholder in Orion Minerals Limited. The collaboration between the two firms is anticipated to bring forth new opportunities, with Clover Alloys demonstrating its confidence in Orion's potential through this substantial investment.
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