Ora Banda Mining raises AU$30 million to fund Riverina underground

Ora Banda Mining Limited (ASX: OBM) stated that it had secured binding commitments for a two-tranche placement of new fully paid ordinary shares, with a total value of up to AU$30 million. Existing shareholders and new local and foreign institutional, professional, and sophisticated investors actively supported the placement. The placement includes issuing up to 267,110,668 fully paid ordinary shares at an issue price of 11.25 cents each, with a total value of up to AU$30.0 million raised.

The issue price reflects a 13.5% discount to Ora Banda's last traded price of AU$0.13 on 22 March 2023 and a 9.9% discount to the 15-day VWAP. The proceeds from the placement will be utilised to support the capital costs of the Riverina underground mine as well as drilling to further resource development and exploration operations.

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