Ora Banda completes A$20m raise
PERTH (miningweekly.com) – Gold developer Ora Banda has completed its A$20-million capital raise, announced in February, to fund exploration work.
The company on Thursday announced that it had raised A$7.25-million in the retail entitlement offer, placing 144.9-million shares at a price of 5c each. The remaining shortfall under the retail entitlement offer was allocated under the underwriting agreement and sub-underwriting agreement, raising a further A$5.9-million.
Following the issue of the new shares, Ora Banda’s major shareholder, Hawke’s Point and its associates, will increase their voting power in the company to 45.3%.
In addition to the A$15-million entitlement offer, Ora Banda had also raised A$5-million through a share placement to institutional investors.
The company had previously said that the capital would enable Ora Banda to pursue its regional exploration program, while continuing the ongoing ramp-up of operations at the Davyhurst gold project, in Western Australia.
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