Orca Energy eyes new life as gold, base metals and graphite explorer
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Shell company Orca Energy is morphing into a gold, base metals and graphite explorer to kick off its revival and relist on the ASX.
The company (ASX:OGY) has launched a prospectus to raise $1 million at 2c per share after it struck a deal to acquire a 51 per cent interest in three exploration licences in Western Australia.
The former oil and gas play was suspended in June 2016 after an arrangement with Mobimedia to use it as a vehicle for a backdoor-listing fell through.
The company had been in strife since 2015, when it sold its Cooper Basin gas assets to Senex Energy for $2 million.
If Orca raises the full amount under its capital raising it will have around $4.6 million cash in the kitty.
The company is holding a general meeting on April 13 so shareholders can vote on the planned acquisitions.
Orca hopes to back trading on the ASX by May 3 as the newly rebranded Fin Resources (Proposed new ticker: FIN).