Ora Banda Mining to raise funds for the development of its high-grade gold resource and reserve definition programmes. Credit: Alchemist-hp.

Ora Banda Mining is set to raise A$18.5m ($12.5m) towards the development of its regional exploration and high-grade gold resource and reserve definition programmes as well as fund an early stage processing plant works in the Eastern Goldfields region of Western Australia (WA).

The placement was undertaken at an issue price of 18.5 cents per fully paid ordinary share to raise $12.5m through the issuance of 100 million new shares.

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Backed by both existing Ora Banda shareholders and new investors, the placement introduces the company to a number of new institutional shareholders.

Ora Banda managing director David Quinlivan said: “Ora Banda now has a clear and well-funded pathway to execute the full resource and reserve definition drill out and feasibility study programme set out in the company’s re-capitalisation prospectus in the most efficient manner possible.

“We are also looking forward to significantly expanding our exploration efforts at Davyhurst and are confident that this capital will materially improve the positioning of Ora Banda for delivery of a Definitive Feasibility Study early next year, as well as ensuring we can move quickly into production following completion of the DFS.”

The proceeds from the placement will be used towards the company’s reserve and exploration programmes described in its prospectus dated 30 April.

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The funds will also be used towards acceleration of the resource and reserve definition programme for the company’s five major development prospects.

Part of the funds will be used towards progressing the re-location of the Riverina Station pastoral lease homestead and advancing the critical design necessary to restart the 1.2Mtpa processing plant at Davyhurst.

The funding will also be used to fast track exploration at various high-grade high priority gold exploration targets within Ora Banda’s 1,336km² land package.