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8 July 20202 minute read

DLA Piper advises Ora Banda Mining on equity raising

Global law firm DLA Piper has advised gold exploration and development company Ora Banda Mining Limited (ASX: OBM) on its transformational AUD55 million equity raising.

The AUD40 million Placement and AUD11.7 million Institutional Entitlement Offer received strong supported from existing shareholders and a number of new international and domestic investors. The retail component of the Entitlement Offer will raise a further AUD3.3 million.

Ora Banda is the owner of the Davyhurst Gold Project in the highly prospective Tier 1 gold mining province of Eastern Goldfields, Western Australia.

The DLA Piper team was led by Corporate partner Michael Bowen with special counsel Hedley Roost, solicitor Chris Seotis and graduate Ryan Gava.

Michael Bowen said: "The result of this successful capital raising will see Ora Banda fully funded for the capital costs and working capital requirements to re-start production at its Davyhurst Gold Project. It will also see the addition of a number of new, high-quality institutional investors to Ora Banda's share register."

Hartleys Limited acted as lead manager for the equity raising and underwriter of the Entitlement Offer.