Just reported in The AFR:Minerals explorer Orocobre is seeking...

Just reported in The AFR:


Minerals explorer Orocobre is seeking to raise $20 million through Canaccord Genuity.

Orocobre went into a trading halt on Thursday as Canaccord went about raising $20 million in an institutional placement at $1.70 to $1.75 a share.

At $1.70 a share, it would be an 8 per cent discount to Orocobre’s last close. At $1.75, it would be a 5 per cent discount.

Funds were to be put towards Orocobre’s Argentinian projects, including lithium project Salar de Olaroz. The company is seeking production in the second quarter of 2014 and has teamed up with partner Toyota Tsusho.

The placement was to be followed by a share purchase plan of up to another $5 million.

Bids were due by midday on Friday.

Orocobre’s market capitalisation was expected to be about $200 million following the offer.