cap raise details in afr

Lithium explorer Orocobre is seeking to raise $37 million via a single tranche placement at $2.10 a share.

The offer price is pegged at a 7 per cent discount to the last close and a 12 per cent discount to the 5-day volume weighted average price.

Canaccord Genuity is sole lead manager on the deal.

Placement proceeds will be used for working capital and fast-tracking production at Orocobre’s boric acid plant.

The books close at 3pm on Wednesday.