Orpheus raises $2.24m from share placement

By Nur Azizsh

Australia-listed firm Orpheus Energy has recently stated it raised $2.24 million through share placement to international and domestic institutions and investors, expecting to issue 17,227,198 shares at 13 cents per share.

The placement will be made within Orpheus? available 15 percent capacity.

Proceeds of the capital raising will be used for the acquisition and development of satellite mines in the South Kalimantan Kintap area, drilling and exploration for the B34 Project in East Kalimantan and for working capital.

?We are very pleased to be able to welcome a range of new international investors to Orpheus, as we continue our strategy of developing a quality portfolio of production and near term production assets in Indonesia,? Executive Chairman Wayne Mitchell said.

Editing by Er Audy Zandri