Ora Banda SPP fails to inspire
PERTH (miningweekly.com) – Gold developer Ora Banda Mining has closed its previously announced share purchase plan (SPP), raising only A$745 000 instead of its targeted A$4-million.
The SPP was announced in June this year as part of a greater capital raise, in which Ora Banda also raised A$21-million through share placement to professional and institutional investors.
Both the share placement and SPP were priced at 17c a share, with the SPP allowing existing shareholders to subscribe for up to A$30 000 worth of new shares.
Ora Banda on Monday said that some 4.38-million shares will be issued under the SPP, and will start trading on July 12.
Funds raised will be used for resource definition and reserve placement, as well as for regional exploration and ramp-up costs at the company’s Davyhurst gold project, in Western Australia.
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