Ora Banda Mining Ltd (ASX:OBM) (FRA:M6N) directors have demonstrated their confidence in the company’s gold strategy by participating in the company’s share purchase plan (SPP) announced on June 8.
The company raised A$745,000 under a non-underwritten share purchase plan (SPP) to eligible shareholders on July 5, increasing the total of its capital raising to A$21.745 million.
The SPP, which was announced to the ASX on June 8, resulted in the issue of around 124 million new shares in the company.
Proceeds of the placement and the SPP, together with the company’s existing cash balance will be used to fund resource definition and reserve replacement, maiden reserves work, regional exploration, ramp-up costs and working capital for the company’s Davyhurst Gold Project.
Change of director interests
On July 9 non-executive chairman Peter Mansell acquired 176,471 shares in an indirect interest at 17 cents each and with a total value of A$30,000.
He now holds more than 5.9 million shares in that interest.
Non-executive directors Keith Jones and Mark Wheatley also purchased 176,471 shares on July 9.
This increased Jones' holding in one indirect interest to 917,213 shares with a further 1,674,762 shares held in two other indirect interests.
Wheatley now holds more than 2.168 million shares in a direct interest.