Orocobre Completes Share Purchase Plan

Orocobre Completes Share Purchase Plan 
BRISBANE, AUSTRALIA -- (Marketwire) -- 11/29/12 -- Orocobre Limited
("Orocobre" or "the Company") (TSX:ORL)(ASX:ORE) announced today that
it has completed its previously announced Share Purchase Plan
("SPP"). Applications were received for 2,197,026 shares, raising
A$3,734,944. The SPP represents the final stage in the Company's
capital raising programme announced on 5 November, 2012 and follows
the successful completion of the placement of 12.35 million shares to
institutional investors, at an issue price of A$1.70 per share, to
raise A$21 million prior to expenses.  
The proceeds of this capital raising programme will be used to fund
the following:  


 
--  the remaining equity funding obligations of approximately US$12 million
    for the construction development of the Company's flagship Olaroz
    lithium project; 
--  provide funds to the newly acquired Borax Argentina for short term
    initiatives and also to undertake drilling programs and other activities
    for longer term development of the business; and 
--  corporate working capital. 

 
Orocobre's CEO and Managing Director, Richard Seville, commented, "We
are very pleased with the results of this capital raising programme.
It provides us with a strong balance sheet for our ongoing
development of the Company. The equity requirements at Olaroz are
fully funded, allowing us to commit to full-scale construction
activities. In addition, we now have funds for our Borax Argentina
initiatives and a healthy amount of working capital." 
The Company recently announced the commencement of construction at
its Olaroz Lithium Project in northwest Argentina. This follows
completion of the various corporate structuring aspects of the Toyota
Tsusho Corporation ("TTC") joint venture, TTC's subscription for its
25% equity in the joint venture, and the issue of an 8.5% equity
interest in the project to Jujuy Energia y Mineria Sociedad del
Estado ("JEMSE").  
As part of its equity participation, TTC has facilitated Mizuho
Corporate Bank and JOGMEC to provide a comprehensive, low cost debt
funding package for construction of the Olaroz project. Orocobre
expects the final project debt financing documentation to be executed
by the partners over the coming weeks, on the same attractive terms
as previously announced.  
Mr Seville added, "With the participation of these prestigious equity
and debt partners, together with the commencement of construction,
Orocobre is on its way to establishing itself as a significant and
low operating cost battery grade lithium carbonate supplier to the
world." 
About Orocobre Limited  
Orocobre Limited is listed on the Australian Securities Exchange and
Toronto Stock Exchange (TSX:ORL)(ASX:ORE), and is building a
substantial Argentinian-based industrial minerals company through the
construction and operation of its portfolio of lithium, potash and
boron projects and facilities in the Puna region of northern
Argentina. The Company is building in partnership with Toyota Tsusho
Corporation and JEMSE, the first large-scale, "greenfield" brine
based lithium plant in nearly 20 years at the Salar de Olaroz. This
high-margin project has a planned production rate after ramp up of
17,500 tonnes per annum of battery grade lithium carbonate scheduled
to commence in Q2 2014. The Company also wholly-owns Borax Argentina,
an important regional borate producer. Orocobre has recently been
included in the S&P/ASX 300 Index and was named 2012 Mining Company
of the Year by Argentine mining magazine Panorama Minero and the
Fundacion para el desarrollo de le Mineria Argentina ("Fundamin" or
Foundation for Development of Argentina Mining). For further
information, please visit www.orocobre.com. 
Caution Regarding Forward-Looking Information 
This news release contains "forward-looking information" within the
meaning of applicable securities legislation. Forward-looking
information contained in this release includes, but is not limited
to, the financing of the Olaroz Project, the completion of definitive
lending documentation with Mizuho and JOGMEC the provision of
required guarantees by TTC and JOGMEC, the commencement and
completion of construction at the Olaroz Project and the timing
thereof, the commencement of commercial production at the Olaroz
Project and the timing thereof, the estimated capital cost of the
Olaroz Project, the design production rate for lithium carbonate and
potash at the Olaroz Project, the expected brine grade at the Olaroz
Project, the expected operating costs at the Olaroz Project and the
comparison of such expected costs to expected global operating costs,
and the ongoing working relationship between Orocobre and the
Province of Jujuy. 
Such forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause actual results
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to the risk of
further changes in government regulations, policies or legislation;
the possibility that required concessions may not be obtained, or may
be obtained only on terms and conditions that are materially worse
than anticipated; the risk that required guarantees will not be
provided or that the project financing will otherwise not be
completed with Mizuho Corporate Bank and JOGMEC; that further funding
may be required, but unavailable, for the ongoing development of the
Company's projects; fluctuations or decreases in commodity prices;
uncertainty in the estimation, economic viability, recoverability and
processing of mineral resources; risks associated with weather
patterns and impact on production rate; risks associated with
construction and development of the Olaroz Project; unexpected
capital or operating cost increases; uncertainty of meeting
anticipated program milestones at the Olaroz Project; general risks
associated with the feasibility and development of the Olaroz
Project; as well as those factors disclosed in the Company's Annual
Information Form for the year ended June 30, 2012 filed at
www.sedar.com. 
The Company believes that the assumptions and expectations reflected
in such forward looking
information are reasonable. Assumptions have been made regarding,
among other things: the timely receipt of required approvals and
completion of agreements on reasonable terms and conditions; the
ability of the Company to obtain financing as and when required and
on reasonable terms and conditions; the prices of lithium and potash;
and the ability of the Company to operate in a safe, efficient and
effective manner. Readers are cautioned that the foregoing list is
not exhaustive of all factors and assumptions which may have been
used. There can be no assurance that forward-looking information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to update
any forward-looking information, except in accordance with applicable
securities laws. 
ABN 31 112 589 910 
Contacts:
Orocobre Limited - Australia and Asia
Richard Seville
Managing Director
+61 419 916 338 
Orocobre Limited - North America
Bruce Rose
VP, Corporate Development
+1 604 377 1423
brose@orocobre.com
www.orocobre.com
 
 
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