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Ora Banda raises cash

22nd February 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold developer Ora Banda Mining is hoping to raise A$20-million through an institutional placement and 4-for-13 accelerated non-renounceable entitlement offer, to fund exploration work.

The ASX-listed miner on Tuesday said that it would raise an initial A$5-million in a single tranche institutional share placement of up to 100-million shares, priced at 5c each. The placement will be conducted under the company’s existing placement capacity, and will not require shareholder approval

A further 300-million shares would be issued under the 4-for-13 accelerated non-renounceable entitlement offer, raising a further A$15-million.

The offer price of 5c a share represented a 35.1% discount to Ora Banda’s last trades share price, and a 27.7% discount to the company’s theoretical ex rights price.

“The capital raise enables the company to pursue its exciting regional exploration programme while continuing the ongoing ramp-up of its Davyhurst gold project,” said Ora Banda MD Peter Nicholson.

“With the Davyhurst plant now operating at some 90 000 t/y monthly run rate and mining activities reaching the main ore zone of the Missouri pit, we are expecting to deliver a 2022 gold production of between 62 000 oz and 68 000 oz,” he said.

Edited by Creamer Media Reporter

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