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Miner Ora Banda raises capital for Davyhurst development
DLA Piper has advised Ora Banda on its recent capital raise.
Tony Zhang
Firms: DLA Piper (Ora Banda)
Value: According to the firm the $40 million placement and $11.7 million institutional entitlement offer received strong support from existing shareholders and a number of new international and domestic investors.
The retail component of the entitlement offer will raise a further $3.3 million.
Area: Capital raise, private equity.
Key players: The DLA Piper team was led by corporate partner Michael Bowen with special counsel Hedley Roost, solicitor Chris Seotis and graduate Ryan Gava.
Deal significance: The company’s Davyhurst Project area is the host to some of the largest deposits within the entire OBM landholding, and considerable potential remains for the discovery of new gold deposits as well as extensions to existing resources.
“The result of this successful capital raising will see Ora Banda fully funded for the capital costs and working capital requirements to [restart] production at its Davyhurst Gold Project,” Mr Bowen said.
“It will also see the addition of a number of new, high-quality institutional investors to Ora Banda’s share register.”
OBM’s immediate development focus includes the Riverina, Waihi, Siberia, Callion and Golden Eagle deposits and has been engaged towards the advancement of these high-potential areas.
Ora Banda is the owner of the Davyhurst Gold Project in the highly prospective Tier 1 gold mining province of Eastern Goldfields, Western Australia.
Hartleys Limited acted as lead manager for the equity raising and underwriter of the entitlement offer.
