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Ora Banda Mining Receives Investor Support with $21M Raising

THE BOURSE WHISPERER: Ora Banda Mining (ASX: OBM) received support for its recent run of operational achievements with commitments from professional and sophisticated investors to raise $21 million.

Ora Banda Mining completed the placement of approximately 124 million new fully paid ordinary shares at an offer price of 17 cents per new share, receiving support from both new and existing shareholders, with Australian and international institutional investors introduced to the register.

The company also announced a share purchase plan (SPP) to existing eligible shareholders, to raise approximately a further $4 million, also at the placement issue price of 17 cents.

The placement and SPP proceeds, together with Ora Banda’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 in Western Australia.

“We are very pleased with the support the placement received, and welcome a number of highly credentialed Australian and offshore investors to the register,” Ora Banda Mining managing director David Quinlivan said in the company’s ASX announcement.

“On behalf of the Board, I would also like to thank our existing shareholders for their strong support.

“FY 2021 has been an incredibly busy time for Ora Banda.

“It was the year in which the company started three new mines, installed and commissioned a range of significant infrastructure on site including a new LNG power station, built a new camp, completed the planned process plant remedial works program on time and within budget and then recommissioned this plant.

“All of this achieved during a year of significant global “Covid-19” disruptions.

“With three mines online by the end of June, the company has a solid and flexible production base as processing ramps up to nameplate capacity.

“Funding to progress resource and reserve definition and advance high priority exploration targets ahead of when previously planned will further underpin the company’s long-term future.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@orabandamining.com.au

 

Web: www.orabandamining.com.au

 

 

Ora Banda Mining Releases Further Diamond Drilling Results from Golden Eagle

THE DRILL SERGEANT: Ora Banda Mining (ASX: OBM) released new assay results for the Golden Eagle deposit, located within the company’s Davyhurst gold project in Western Australia.

New assay results returned from Golden Eagle Underground diamond drilling include:

19 metres at 5.4 grams per tonne gold, including 11.1m at 8.9g/t gold;

5.8m at 15g/t gold, including 5.5m at 16g/t gold;

14.6m at 4.8g/t gold, including 14.2m at 4.9g/t gold;

7.3m at 9.4g/t gold;

13.8m at 4.1g/t gold, including 4.6m at 9.5g/t gold; and

4.3m at 5.5g/t gold.

Assay results for 17 diamond drill holes remain outstanding.

The company explained the Golden Eagle underground diamond drilling was aimed at infilling and extending the declared mineral resource of 393,000 tonnes at 3.9g/t gold for 49,000 ounces.

The drilling continues to support pre-mining expectations for the North Shoot and is expected to provide geological information into the remodelling of the Southern Mining Area.

“We are currently developing northwards on the 310 Level towards some of these very strong results (19m at 5.4g/t gold and 14m at 4.8g/t gold) and are certainly looking forward to mining this high-grade area in the near term,” Ora Banda Mining managing director David Quinlivan said in the company’s ASX announcement.

“The Southern Mining Area has also yielded some strong results which our geology team are currently remodelling.

“The flatter folded ore lode geometry in this area is a new and potentially significant development and we are currently looking at ways to better target this flatter ore zone in future mining programs.”

 

 

Email: admin@orabandamining.com.au

 

Web: www.orabandamining.com.au