Ora Banda Mining Ltd brings total capital raising to $21.745 million after completing SPP

Earlier this month, the company disclosed strong initial gold results from infill drilling at the Iguana gold deposit in Western Australia.

Ora Banda Mining Ltd (ASX:OBM) (FRA:M6N) has raised A$745,000 under an unsubscribed share purchase plan (SPP) from eligible shareholders, bringing the total capital raised at A$21.745 million.

The SPP, which was announced on the ASX on June 8, resulted in the issuance of approximately 124 million new shares of the company.

Proceeds from the Offering and the SPP, along with the Company’s existing cash balance, will be used to fund resource definition and reserve replacement, early reserve work, regional exploration, ramp-up costs power and working capital for the company’s Davyhurst gold project.

New shares allocated on July 9

Under the SPP, eligible shareholders could apply to purchase up to A$30,000 of new fully paid ordinary shares of the company.

The new shares issued under the SPP will rank pari passu with the existing ordinary shares of the company.

The amount of 4,382,393 new shares will be issued under the SPP at an issue price of AUD 0.017 per new share, the same price paid by investors under the placement.

These new shares will be allotted on Friday July 9 and are expected to begin trading on the ASX on Monday July 12.

New General Manager

Peter Nicholson was recently appointed CEO of Ora Banda following the retirement of David Quinlivan as MD.

Nicholson took office after serving as CEO since April 2, 2021.

Quinlivan is now a non-executive director of the company.

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