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Ora Banda director participates in placement, supporting company’s gold strategy

Manfam Pty Ltd has acquired 174,000 fully paid ordinary shares in the company at 23 cents per share.

Ora Banda Mining Ltd - Ora Banda director participates in placement, supporting the company’s gold strategy
Mansell now holds 3,754,247 shares

Ora Banda Mining Ltd (ASX:OBM) non-executive chairman Peter Mansell has shown his confidence in the company’s gold strategy by participating in a non-renounceable entitlement offer.

Mansell acquired 174,000 shares valued at more than $40,000 in the offer for an indirect interest and this participation was approved by shareholders at a general meeting on September 9, 2020.

This increased the number of shares held in that interest to 3,754,247 with a further 658,437 held in another indirect interest.

Funding rapid re-start

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.

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.

Quick facts: Ora Banda Mining Ltd

Price: 0.3 AUD

ASX:OBM
Market: ASX
Market Cap: $252.24 m
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Ora Banda Mining Ltd's (ASX:OBM) David Quinlivan tells Proactive's Andrew Scott that mining teams are now mobilising to site to recommence production at its Davyhurst Gold Project in January 2021. The company's recently boosted the overall resources at the project to 2.17 million ounces...

on 28/10/20

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