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It will be making a placement of 5.35 million shares at a price of A$0.20 per share.
According to the company, these placement shares will be made available to “sophisticated investors” and clients of Burdett Buckeridge Young and EL & C Baillieu Stockbroking Ltd and Orchard will inform the market upon the issue of the shares.
The placement shares will amount to 4.36% of Orchard’s expanded share capital, which – post placement share allotment – will comprise of 122,650,000 shares.
