Orocobre Limited: A$30 Million Placement Completed

Orocobre Limited: A$30 Million Placement Completed 
BRISBANE, AUSTRALIA -- (Marketwired) -- 11/28/13 -- Orocobre Limited
(ASX:ORE)(TSX:ORL) ("Orocobre" or "the Company") wishes to advise
that due to a potential four month trading restriction applicable to
Canadian resident investors under Canadian securities laws in respect
of shares issued by the Company to such investors, the Company has
agreed not to allocate shares to Canadian applicants under its
recently announced placement on the ASX. This has reduced the
placement to A$30m (14,296,771 shares per the Appendix 3B released 21
November). 
The Olaroz Lithium Project was fully funded prior to the capital
raising with equity contributions and project debt to cover the
construction cost (US$229.1m) and US$46.5m of additional debt
facilities to cover cost overruns and working capital. The project
remains on time and within budget.  
The reduction in the raising does not affect the Company's
initiatives for Borax Argentina for which A$20m had been allocated in
the raising but will reduce the working capital allocation from the
raising to A$10m. Prior to the raising, the Company had A$7m in cash
(as at 30 September) excluding funds in the Olaroz JV Company.  
Confidence in Borax Argentina studies, has lead the Company to raise
funds to enable the future construction of a boric acid plant with a
capacity of 16-24,000 tonnes per annum subject to completion of the
pre-feasibility study as previously announced. 
We look forward to continuing our regular updates on construction at
Olaroz and progress on the Borax Argentina studies. 
About Orocobre Limited  
Orocobre Limited is listed on the Australian Securities Exchange and
Toronto Stock Exchange (ASX:ORE)(TSX:ORL), 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 the first large-scale, "greenfield" brine based lithium
project in 20 years at its flagship Salar de Olaroz resource, with
projected production of 17,500 tonnes per annum of low-cost battery
grade lithium carbonate scheduled to commence in Q2, 2014. The
Company
 also wholly-owns Borax Argentina, an important regional
borate producer. Orocobre is 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 la
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 may include, but is not limited
to the 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 cost of construction
relative to the estimated capital cost of the Olaroz project, the
conversion of historical estimates to JORC compliant resources and
the timing thereof, the relocation of and/or potential construction
of plants in Borax Argentina SA, the timing thereof and potential
future benefits of the relocation or construction of these plants.  
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:
Australia and Asia
David Hall
Business Development Manager
Orocobre Limited
T: +61 7 3871 3985 / M: +61 407 845 052
E: dhall@orocobre.com 
North America
James Calaway
Chairman
Orocobre Limited
M: +1 (713) 818 1457
E: jcalaway@orocobre.com
 
 
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