METS

Orexplore closer to listing

SWICK Mining Services subsidiary Orexplore Technologies has raised A$2.43 million under a priority offer.

Staff reporter
Orexplore closer to listing

The maximum was $2.5 million.

About 150 shareholders participated in the 25c per share offer, including Swick managing director Kent Swick, who subscribed for $300,000.

The proceeds of the offer are in addition to the $12 million seed funding payment made by Swick as part of the demerger.

Orexplore will start its listed life with a cash balance in excess of $14 million.

Orexplore's main focus is its disruptive GeoCore scanning technology and its visualisation and analysis software, Orexplore Insight.

Shareholders of Swick approved the demerger just before Christmas.

Orexplore expects to list on the ASX on around January 21.

Swick is being acquired by larger driller DDH1 for $115 million in shares, with a shareholder vote to be held next week.

Swick shares closed at 31.5c on Friday, valuing the company at $88.7 million.

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