Ora Banda Mining Ltd (ASX:OBM)’s non-executive director David Quinlivan has increased his stake in the company through its recent capital raise.
The former managing director of the gold exploration and development company secured shares valued at $100,000 in the $25 million raise announced in early June.
Quinlivan’s change in interest was officially lodged on Wednesday, August 25, after shareholders approved his subscription last month.
Change in interest
The gold explorer embarked on the raise to fund resource definition and reserve replacement, maiden reserves work, regional exploration, ramp-up costs and working capital for the Davyhurst Gold Project in Western Australia’s Eastern Goldfields.
OBM had already secured firm commitments to raise $21 million via a placement at 17 cents per share. In addition, eligible shareholders were given the chance to participate in a share purchase plan to raise a further $4 million.
The company also proposed that 588,236 new shares — raising another $100,000 — would be issued to the outgoing managing director.
In order for this to go ahead, a shareholder meeting was held on July 19, when the motion to issue the shares passed.
The fully paid ordinary shares were quoted last week on Wednesday, August 18, and placed with Quinlivan on the same date in an indirect interest.
Following this acquisition, Quinlivan now holds 2,743,170 fully paid ordinary shares in that interest with a further 2,568,465 held in a separate indirect interest.
Leadership transition
On July 1, Quinlivan stepped down from the managing director role and into a non-executive director position.
He was succeeded by existing CEO Peter Nicholson, who brings with him 25 years of industry experience in operational and mine management roles.
At the time, Ora Banda chair Peter Mansell said: “We sincerely thank David for his contribution to the company since his appointment in the role of MD and CEO at the time of the administration of Eastern Goldfields.
“It was a difficult period for the company and David really rose to the challenge.
“We look forward to his continued involvement with Ora Banda as a Non-Executive Director.
“Undoubtedly, we will benefit from Peter’s diverse suite of skills and his technical, commercial and operational expertise and experience, which will be a substantial contributor to the ongoing success and growth of Ora Banda.”