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


Ora Banda Mining Ltd (ASX:OBM) (FRA:M6N) has raised A$745,000 under a non-underwritten share purchase plan (SPP) to eligible shareholders, increasing the capital raising total to A$21.745 million.

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

Proceeds of the placement and the SPP, together with the company’s existing cash balance will be used to fund resource definition and reserve replacement, maiden reserves work, regional exploration, ramp-up costs and working capital for the company’s Davyhurst Gold Project.

New shares allotted on July 9

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

New shares issued under the SPP will rank equally with 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 A$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 commence trading on ASX on Monday, July 12.

New managing director

Peter Nicholson was recently appointed to managing director at Ora Banda following the retirement of David Quinlivan as MD.

Nicholson stepped into the role after holding the position of CEO since April 2, 2021.

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


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