Orocobre Limited (ASX: ORE, TSX: ORL) ("Orocobre" or "the Company") is pleased to provide the following explanatory statement related to the Appendix 3B issued today.
Under the terms of the Share Subscription Agreement dated 16 January 2018 between Toyota Tsusho Corporation (TTC) and Orocobre, TTC holds a right to maintain a 15% shareholding in Orocobre for a period of two years.
Following the recent issue of shares to Orocobre management pursuant to the vesting of Performance Rights, TTC has exercised its rights under the Subscription Agreement to maintain its shareholding and has subscribed for 123,343 shares at an issue price of A$3.93.
The issue price for these shares was calculated in accordance with the Volume Weighted Average Price (VWAP) formula in the Subscription Agreement.
