Ora Banda Mining Ltd (ASX:OBM) substantial holder Hawke's Point Group has increased its stake in the company to 46.64% through participation in a placement of shares to sophisticated and professional investors
London-based Hawke's Point acquired almost 96 million shares on September 15, increasing the total number of securities held in the company to more than 391 million.
On track to be Australia’s next gold producer
In the company’s latest investor presentation, Ora Banda highlighted several factors which make it a viable investment opportunity and likely to become Australia's next new gold producer.
With ‘significant’ infrastructure in place, operations underpinned by high-grade ore reserves of 6.1 million tonnes at 2.4 g/t for 460,000 ounces, a resource of 23.7 million tonnes at 2.8 g/t for 2.1 million ounces and regional exploration potential in a ‘district-scale’ landholding, Ora Banda believes it has a financially robust development project at Davyhurst in Western Australia.
After completing a $55 million capital raising in July and release of its regional growth strategy and definitive feasibility study results in June, the company is well-funded and ready to advance towards a rapid re-start and near-term production.
The company has a market cap of approximately $267.2 million and shares today are trading up slightly to 37 cents. Since the market close on April 2 securities have climbed steadily from 9.2 cents.