Ora sets A$3m raising target
PERTH (miningweekly.com) – Junior Ora Gold is hoping to raise A$3-million in a share placement and share purchase plan (SPP) to fund further exploration work at the company’s Crown Prince gold project, in Western Australia.
The ASX-listed company has received firm commitments for the placement of 500-million shares, at a price of 0.4c each, raising an initial A$2-million. The shares will be placed under the company’s existing placement capacity and will not require shareholder approval.
In addition, Ora will also undertake an SPP priced at 0.4c each, with shareholders able to subscribe for up to A$30 000 of additional new shares in the company. The SPP is targeted at raising a further A$1-million, and will open on July 14 and close on August 4.
Ora said on Friday that along with existing cash reserves, the funds raised will be used for further drilling at the Crown Prince gold project, as well as for regional exploration and for general working capital.
“Following recent exceptional exploration results from both shallow reverse circulation (RC) drilling and deeper diamond drilling at the SEB zone of the Crown Prince prospect, the likely strong economic potential of the project is starting to be appreciated,” said Ora CEO Alex Passmore.
“We are pleased to report a very high level of demand for the placement which was initiated following approaches by new cornerstone investors. The capital raising positions the company strongly and sets us up for a very busy and positive second half of 2023. We look forward to continuing to drill and delineate new mineralisation at the Crown Prince prospect. The company’s focus for coming months will be on RC drilling between 50 m and 300 m vertical depth. This drilling is expected to underpin a solid resource estimate for the project when completed later this year.”
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