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Orocobre (ASX:ORE,TSX:ORL) announced the closing of a placement to domestic and international institutional and sophisticated investors for proceeds of roughly A$85 million. Proceeds will cover financing costs related to the Olaroz project.
Orocobre (ASX:ORE,TSX:ORL) announced the closing of a placement to domestic and international institutional and sophisticated investors for proceeds of roughly A$85 million. Proceeds will cover financing costs related to the Olaroz project.
As quoted in the press release:
The Placement will significantly strengthen Orocobre’s financial position and available cash balance.
The proceeds of the Placement will be used principally to service financing costs related to the Olaroz project, including principal and interest payments due in March and September 2016 and payments to the Debt Service Reserve Account. Other uses of funds are detailed in the Company’s latest presentation, released to the market today.