- Ora Banda Mining (ASX:OBM) completes a single tranche placement, securing commitments for 136,363,637 new fully paid ordinary shares at an issue price of 22 cents
- The placement is aims to raise $30 million and has support from both new and existing sophisticated investors
- Placement proceeds will enable Ora Banda to accelerate the progress of Sand King towards the Final Investment Decision (FID), potentially establishing it as a second underground mine
- OBM last traded at 24c, at 1:45pm AEDT
Ora Banda Mining (ASX:OBM) has completed a single tranche placement, securing commitments for 136,363,637 new fully paid ordinary shares at an issue price of 22 cents.
The placement is aims to raise $30 million and has strong support from both new and existing sophisticated investors.
“We are at an exciting inflection point as the company pivots away from our current low grade open pit mill feed to high grade underground mill feed as its primary source of ore,” Ora Banda’s Managing Director Luke Creagh said.
“The outstanding recent drilling results from the Phase 1 program at Sand King position it as a potential second underground mine in the future which could materially increase production.
“We continue to execute our strategy in becoming the next mid tier miner in Australia.”
The placement proceeds will enable Ora Banda to accelerate the progress of Sand King towards the Final Investment Decision (FID), potentially establishing it as a second underground mine.
This decision is based on promising exploration outcomes, the acceleration of regional exploration across the company’s 1,070 square kilometres landholding, and the fulfilment of general working capital requirements.
Additionally, the ongoing ramp-up at the Riverina underground mine remains on schedule.
OBM last traded at 24c, at 1:45pm AEDT.