Ora Gold Limited (ASX: OAU), a leading exploration company, is thrilled to announce the successful securing of $5 million in funding through a placement of 833,333,333 fully paid ordinary shares, priced at $0.006 per share. This strategic move has garnered strong support from both new and existing institutional and high net worth investors, underscoring the market’s confidence in Ora’s potential and future growth.
The placement comes on the heels of recent exceptional exploration results from the Crown Prince Prospect at the Garden Gully Gold Project, which have significantly bolstered demand and interest in the company. With these additional funds, Ora is now poised to accelerate its drilling, resource definition, exploration, and technical programs at both the Crown Prince Prospect and other regional prospects.
Use of Funds: A Strategic Investment in Future Growth
The proceeds from the placement are earmarked for a variety of critical activities that are expected to drive Ora’s exploration efforts forward and unlock further value for shareholders. These activities include:
- Accelerated drilling, exploration, and technical programs at the Crown Prince Prospect, encompassing:
- Resource definition, extensional and regional exploration drilling;
- Field staff, sampling, and assaying;
- Metallurgical testwork and reporting;
- Geotechnical drilling, logging, and reporting; and
- Hydrogeological investigations and reporting.
- General working capital needs, including a $0.3 million cash payment to Sipa Resources.
A Strong Financial Position for Future Success
This successful placement solidifies Ora’s strong financial position, providing the necessary capital to aggressively pursue its exploration and development objectives. The company is now well-equipped to expedite its programs at the Crown Prince Prospect and other regional prospects, driving value for shareholders and contributing to the long-term success of Ora Gold Limited.
Ora Gold’s CEO Alex Passmore commented: “While work on the ground continues to deliver with shallow SLRC and deep RC drilling ongoing at Crown Prince, we are pleased to have completed an efficient and well bid capital raising to fund project work going forward.
The Placement was strongly supported by new and existing institutional and sophisticated investors. We welcome new shareholders and thank existing ones for their ongoing support.
The Placement positions Ora well to continue to deliver ongoing drill results, an updated Mineral Resource estimate at Crown Prince and other key de-risking technical programs such as metallurgical test work, geotechnical and hydrogeological investigations and reporting.
We look forward to continuing to drill and delineate new mineralisation at the Crown Prince Prospect over the coming months. The Company’s immediate focus will be on RC drilling between 50m and 300m vertical depth to test extensions of high-grade gold mineralisation along strike and down dip at Crown Prince.”
Ora Gold Limited (ASX:OAU) is a mineral exploration and development company which holds a substantial package of tenements in the prolific Murchison goldfield near Meekatharra, Western Australia.