Completion of Underwritten Share Purchase Plan
Brisbane, Mar 12, 2015 AEST (ABN Newswire) - Orocobre Limited (
ASX:ORE) (TSE:ORL) ("Orocobre" or "the Company") has successfully completed its underwritten Share Purchase Plan (SPP).
The Company received strong support from shareholders with eligible shareholders applying for A$3,976,500 of shares under the SPP, which closed on the 10th March. In total A$10,000,000 will be raised under the SPP with A$3,976,500 of shares being issued to eligible shareholders, and the balance of the shares to be issued pursuant to the SPP being underwritten by Canaccord Genuity (Australia) Limited.
The SPP was completed at an issue price of A$2.55 per share. The funds raised under the SPP together with the recently completed private placement bring the total amount raised by Orocobre to A$50,000,000.
The SPP shares are to be allotted and holding statements despatched on the 17th March 2015.
About Orocobre Limited
Orocobre Limited is listed on the Australian Securities Exchange and Toronto Stock Exchange (
ASX:ORE) (TSE:ORL) (OTCMKTS:OROCF), and is building a substantial Argentine based industrial chemicals company through its portfolio of lithium, potash and boron assets. In partnership with Toyota Tsusho Corporation (TTC) and JEMSE, Orocobre has built and is now operating the world's first commercial, brine-based lithium operation constructed in approximately 20 years.
In 2018 Orocobre announced the Stage 2 Expansion of its flagship Olaroz Lithium Facility in Argentina. The Stage 2 Expansion will add 25,000 tpa of lithium carbonate production capacity, taking full production and capacity to 42,500 tpa of lithium carbonate for sale to industrial, technical and battery markets, positioning Orocobre as one of the world's largest and lowest cost lithium chemicals producers.
Additionally, Orocobre and Toyota Tsusho Corporation have commenced construction of the 10,000 tpa lithium hydroxide plant in Naraha, Japan. The construction of the Naraha Lithium Hydroxide Plant will further cement Orocobre's position as a global lithium chemicals producer operating at the bottom quartile of the lithium cost curve. This new hydroxide plant will be the first of its kind in Japan and will provide Orocobre product diversification suitable for different battery technologies and the potential for significant margin growth on our primary lithium carbonate being converted to battery grade lithium hydroxide.
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