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Ora Banda Mining directors demonstrate faith in gold strategy through entitlement offer participation

The company’s definitive feasibility study released in June highlighted the potential of multiple production sources to underpin a long-life operation at the Davyhurst Gold Project in Western Australia.

Ora Banda Mining Ltd - Ora Banda Mining board of directors demonstrate faith in gold strategy through participation in non-renounceable entitlement offer
Plant commissioning is expected for the December quarter with first gold pour targeted for the first quarter of 2021

Ora Banda Mining Ltd (ASX:OBM) board of directors have demonstrated their faith in the company’s gold strategy through participation in a non-renounceable entitlement offer.

At the end of July, the company completed the $3.3 million retail component of the $15 million 1 for 9 non-renounceable pro-rata entitlement offer, which was fully subscribed by eligible retail shareholders.

In fact, the company received applications for A$7.4 million of shares in the retail offer versus A$3.3 million on offer.

Together with the A$40 million placement, Ora Banda is fully funded for the capital costs and working capital requirements of recommencing gold production at the Davyhurst project in Western Australia.

Change of director’s interests

Non-executive director Peter Mansell acquired 423,869 shares at 23 cents per share spread over two indirect interests, increasing the number of securities held in these interests to more than 4.238 million shares.

Managing director David Quinlivan purchased 195,749 shares, increasing the total number of securities held after the change to more than 2.914 million in two indirect interests.

Non-executive director Keith Jones acquired 202,046 shares, increasing the number of securities held after the change in three indirect interests to more than 2.02 million shares.

Non-executive director Mark Wheatley purchased 159,722 shares in a direct interest, increasing the total number of securities held in that interest to more than 1.597 million.

Quick facts: Ora Banda Mining Ltd

Price: 0.35 AUD

ASX:OBM
Market: ASX
Market Cap: $293.44 m
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