Source: Ora Gold
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Ora Gold (OAU) taps investors for $2 million via a placement to accelerate work at its Crown Prince gold prospect in Western Australia
  • The company received firm commitments for the placement, which will see 500 million new shares issued at 0.4 cents each
  • In addition to the placement, the company is offering eligible shareholders to subscribe for up to $30,000 worth of shares at the same price as the placement to raise a further $1 million
  • Following the completion of the capital raising, the company will have a cash balance of approximately $3.95 million
  • Ora Gold is down 16.7 per cent, trading at 0.5 cents at 12:49 pm AEST

Ora Gold (OAU) has tapped investors for $2 million via a placement to accelerate work at its Crown Prince gold prospect in Western Australia.

The company received firm commitments for the placement, which will see 500 million new shares issued at 0.4 cents each.

In addition to the placement, the company is offering eligible shareholders the opportunity to subscribe for a further $30,000 worth of shares, also at 0.4 cents apiece to raise a further $1 million.

All funds, in conjunction with existing cash results, will be used to further drilling and evaluation work at the company’s Crown Prince prospect, with remaining funds to go towards supporting “value-creating initiatives.”

“Following recent exceptional exploration results from both shallow reverse circulation (RC)  drilling and deeper diamond drilling at the SEB zone of the Crown Prince prospect the likely strong economic potential of the project is starting to be appreciated,” Ora Gold CEO Alex Passmore said.

“The capital raising positions the company strongly and sets us up for a very busy and positive second half of 2023.”

The new share purchase plan will open on July 14, 2023.

Following the completion of the raising, the company will have a cash balance of approximately $3.95 million.    

OAU was down 16.7 per cent, trading at 0.5 cents at 12:49 pm AEST.

oau by the numbers
More From The Market Online
Iran oil concept

Oil dips on fresh ‘peace talks’ and the ASX trades flat. Has Trump fatigue set in (again)?

If you’re anything like me, you spent the weekend keeping an eye on the Weekend Wall Street futures trying

Red Mountain produces 51.8% antimony concentrate with 85% recovery at Oaky Creek

Red Mountain Mining has a baseline after achieving a composite concentrate grade of 51.8% Sb with…

Victory Metals approved to join US defense industry critical minerals consortium

Victory Metals has been accepted into the US Defense Industrial Base Consortium (DIBC) through its Australian…

MetalsGrove defines multiple gold-anomalous trends at Zuenoula

MetalsGrove Mining has uncovered multiple gold-anomalous trends with sampling at the Zuenoula target in Côte d’Ivoire.