Orica (ASX: ORI) announced the completion of its share purchase plan (SPP). The SPP was announced on 03 August 2022 along with an AU$650 million placement to qualified institutional investors.
All valid applications under the SPP were accepted completely, raising ~AU$41 million and around 2.7 million new fully paid ordinary shares will be issued today.
Acquisition of Axis Mining Technology (including both Upfront Consideration and Earn-Out), and related costs to be funded via the proceeds of a fully underwritten AU$650 million institutional share placement. The remaining proceeds of the Placement and SPP will be utilised to fund incremental trade working capital needs arising due to global supply chain dislocations. It will also strengthen the Company’s balance sheet capacity.
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