Orinoco Gold Limited (ASX:OGX) has announced firm commitments for its $4.5 million capital raising have seen the introduction of new local and international institutional investors onto its register.

 

The raising will allow the company to plan growth initiatives related to expanding production at its Cascavel Gold Mine.

 

US based private equity group, the Cartesian Group, is participating in the raising, complementing the funding partnership it already has in place with Orinoco for Cascavel.

 

The placement comprises of 19.6 million shares at an issue price of 23 cents per share, with an additional option available for every three shares subscribed.

 

Orinoco Gold Limited reported a net loss of $8.2 million at 31 December 2015.