Recent Strategic Placement and Entitlement Offer Finalised
BRISBANE, Australia, Feb. 28, 2018 /CNW/ -- Orocobre Ltd. (ASX: ORE TSX: ORL) (Orocobre or the Company) is pleased to announce the finalisation of the 15% strategic placement to Toyota Tsusho Corporation.
At a general meeting held Monday 26 February shareholders ratified the previous issue of 31,228,010 shares, at an issue price of A$7.50 per share to Toyota Tsusho Corporation and approved the allotment of a further 6,316,910 shares at an issue price of $7.50, which have been issued today.
The total value of the tranche 1 and 2 shares issued to strategic partner Toyota Tsusho Corporation as a part of the 15% placement is approximately A$281.6 million. These funds have now been received by Orocobre.
As previously announced, an additional approximately A$79.3 million has also been received from the recent accelerated pro rata entitlement offer with retail rights trading (Entitlement Offer), which allowed existing shareholders to participate at A$6.55 per share.
The 15% placement to Toyota Tsusho Corporation and Entitlement Offer will fund the expanded development of the Olaroz Lithium Project Stage 2 Expansion and construction of a lithium hydroxide plant in Japan.
For more information please contact:
Andrew Barber
Investor Relations Manager
T: +61 7 3871 3985
M: +61 418 783 701
E: abarber@orocobre.com
About Orocobre Limited
Orocobre Ltd. (Orocobre) is a dynamic global lithium carbonate supplier and an established producer of boron. Orocobre is dual listed on the Australia and Toronto Stock Exchanges (ASX: ORE TSX: ORL). Orocobre's operations include its Olaroz Lithium Facility in Northern Argentina, Borax Argentina, an established Argentine boron minerals and refined chemicals producer and a 33% interest in Advantage Lithium.
For further information, please visit www.orocobre.com
Restriction on distribution of this announcement
This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws.
SOURCE Orocobre Ltd.
