logo-loader
Eastern Goldfields Ltd

Eastern Goldfields receives strong support from investors to raise $30 million

The settlement date for the issue of convertible notes is Monday, May 27, 2019.

1558495539_shutterstock_314656532.jpg
The company is being renamed Ora Banda Mining

Eastern Goldfields Limited (ASX:EGS) has received binding commitments to raise a total of $30 million, comprising $22.4 million in convertible notes and the remainder from a non-renounceable entitlement offer.

The company, which is changing its name to Ora Banda Mining Limited, is pleased with the response to the capital raising.

Institutional and high net worth investors have participated while the $7.6 million 1-for-1 entitlement offer was fiully subscribed.

“Pleased to be on the home straight”

Ora Banda managing director David Quinlivan said: “We are very pleased to be on the home straight in respect of this transaction.

“The recapitalisation of the company has been a very significant endeavour involving six months of hard work by a group of key stakeholders.

“The capital raising is the last phase of the transaction and the successful receipt of commitments for $30 million demonstrates that the market supports our vision for the company.”

Quinlivan added: “We are glad to have clearly exceeded the minimum raising pursuant to the DOCA of $22 million and are looking forward to executing on our project development strategy and unlocking the significant value of the Davyhurst project.”

Quick facts: Eastern Goldfields Ltd

Price: £0.00

Market: ASX
Market Cap: £0.00
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Northern Minerals reveals talks with US government agencies,...

Northern Minerals Ltd (ASX:NTU) CEO George Bauk tells Proactive he recently met US government agencies, who he says wanted to get a better sense of the Australian company's progress with its dysprosium production, and its strategy going forward. Bauk is currently in New York meeting with...

1 day, 16 hours ago

2 min read