News: ORN Orion Minerals Says Firm Commitments Received For A Placement To Raise Up To A$13 Million, page-7

Just had another listen of the p.investor interview with Errol and it seems clear that repayment of the $2M Anglo American SEFA Mining Fund loan facility was blocking access to the $30M of funds ($10M from Triple Flag and $20M from IDC) to start the early mining trial at Prieska. That blocker is now clear and Clovers modular plant expertise and extra money will not only enable trial mining but processing of that ore and early revenue. Maybe Errols hand was forced by reluctance of traditional banks/funders to fund the $2M loan repayment but it seems a largely positive move to me. The Clover model of build small, generate revenue and reinvest to grow production seems sound to me.

Interesting was that Errol mentioned Clover wanting to take ownership up to 19.9%, the limit for a listed company. The way he said called out listed made me wonder if they may delist themselves at some point and go private like Clover. I wonder what that would mean to shareholders?