Orion Minerals (ASX/JSE:ORN) has received from Clover Alloys a notice it will now exercise its options.
The company today (28 November 2023) received confirmation of a funds transfer for about $425,000 for the exercise of 25 million options exercisable at $0.017 (ZAR20 cents), which are expiring 30 November 2023.
Orion will issue the fully paid ordinary shares imminently and upon confirmation of the receipt of clear funds.
Clover Alloys remains a significant shareholder of Orion, with a current interest of about 9%.
It’s a change of heart from Clover which on 14 November 2023 sent Orion notice of its intention not to exercise its options, which were acquired in the company’s placement undertaken earlier this year.
Clover Alloys cornerstoned Orion’s $13 million equity placement in March 2023.
At the time of the announcement 2 weeks ago, Orion’s Managing Director and CEO Errol Smart at the time said Clover’s decision ‘to take a more measured investment approach and not to increase its holding in Orion is understood and respected’.
Clover CEO Philip Kotze said the decision a fortnight ago to not exercise the additional share options should not be seen as a negative reflection of Clover’s view of the underlying potential of Orion’s projects in South Africa.
Write to Adam Orlando at Mining.com.au
Images: Orion
