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.