Gold Exploration and development company, Ora Banda Mining Ltd (ASX: OBM) focused on advancing work at its expansive tenure in the Eastern Goldfields of Western Australia, has announced the second (Tranche 2) and final tranche of the share placement to raise $ 18.5 million, as previously announced on 16 August 2019, has been settled, whereby 42,440,090 fully paid ordinary shares were issued at 18.5 cents each to raise around $ 7.8 million before costs (Tranche 2).
Tranche 2 of the Placement has been completed after OBM’s shareholders approved the same at the Annual General Meeting held on 15 November 2019 while the shares have been issued to the company’s largest shareholder, Hawke’s Point Holdings I Limited.
Accordingly, Hawke’s Point Holdings I Limited’s stake in Ora Banda has increased from 37.95% to 42.44% post the latest placement and Hawke’s Point now holds 248,877,182 fully paid ordinary shares in the company.
Tranche 1 was settled on 26 August 2019 whereby 57,559,910 fully paid ordinary shares were issued at 18.5 cents each, raising ~ $ 10.7 million before costs. The placement received strong support from existing shareholders as well as from new sophisticated and professional investors. Thus, several new institutional shareholders were added to the company’s register through this placement.
Hartleys Limited was the Lead Manager to the Placement.
OBM’s Project Portfolio
As previously advised, Funds Raised pursuant to the Placement have been indicated to be directed towards-
- Following a clear and fully funded pathway to execute the resource and reserve definition drill out and feasibility study program set out in Or Banda’s re-capitalisation prospectus in the most efficient manner;
- To advance, in an efficient and substantive way, along the path towards recommencing production operations;
- An opportunity to bring forward more detailed exploration programs for a number of prospective high grade near mine and regional exploration targets located within the large company’s landholding.
Read More: Ora Banda Mining Transforming Financially To Further Exploration Activities At Eastern Goldfields; Siberia, Riverina and Waihi Boosting Ora Banda’s Exploration Momentum in Eastern Goldfields; Ora Banda Mining: Fast Forwarding Towards Production at Its Expansive Gold Tenure in WA
Stock Performance: Ora Banda Mining’s market capitalisation stands at around AUD 89.76 million with ~ 543.98 million shares outstanding. On 28 November 2019, the OBM stock price settled the day’s trade at AUD 0.165.
Ora Banda’s Director David Quinlivan also increased Indirect interest in the company through acquisition of 2,000,000 Incentive Options at nil consideration, following shareholder approval at the Annual General Meeting (AGM) held on 15 November 2019.
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