Ora Banda Mining Ltd raises 20 million Australian dollars

The retail rights offering closed on March 17, 2022, under which Ora Banda will issue approximately 144.9 million new shares at the offering price of 0.05 Australian dollars per new share, to raise approximately 7, A$25 million before fees.

Ora Banda Mining Ltd (ASX:OBM) has successfully completed the retail component of an accelerated, non-waiver 4 for 13 pro rata rights offering, which completes its A$20 million equity fundraising .

The retail rights offering closed on March 17, 2022, under which Ora Banda will issue approximately 144.9 million new shares at A$0.05 per new share, to raise approximately A$7.25 million before fresh.

With the rights offering raising A$15 million, in addition to the previously announced A$5 million placement with institutional investors, Ora Banda has raised a total of A$20 million before fees.

Proceeds from the fundraising, along with existing cash, will be used for exploration costs, drilling to advance resource development, operational improvements, working capital and bid costs.

Offer details

Ora Banda has received valid applications from eligible retail shareholders for 23,344,180 new shares, representing approximately 16% of the new shares available for issuance under the retail rights offering and representing proceeds of 1,167 209 Australian dollars.

This includes valid applications received under the Deficit Facility detailed in the Retail Right Offering Booklet.

An additional 2,726,633 new shares were issued to Euroz Hartleys – as agent for the purposes of Section 615 of the Companies Act – to sell such new shares which would otherwise have been available to ineligible shareholders had they been eligible to participate in the Retail Right Offering.

The remaining shortfall under the Retail Rights Offering, comprising 118,860,136 new shares and raising A$5,943,006.80, has been allocated pursuant to the Guarantee Agreement and Subsidiary Agreement. -guarantee.

Following the issuance of the new shares pursuant to its sub-guarantee, Ora Banda’s largest shareholder, Hawke’s Point and associates are expected to increase their voting power in the company to 45.3%.

New shares to be issued today

The New Shares under the Retail Rights Offering, including the New Shares issued pursuant to the Underwriting Agreement and Underwriting Agreement, are expected to be issued on March 24, 2022 and commence trading. trade on a normal settlement basis on March 25, 2022.

The new shares will have the same rank as the Ora Banda ordinary shares fully paid up on their date of issue.

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