FROM AFRListed gold explorer Ora Banda Mining was asking...

FROM AFR

Listed gold explorer Ora Banda Mining was asking investors to chip in $30 million on Wednesday morning to stock up its balance sheet.Ora Banda is a WA gold explorer. Asineh HouspianOra Banda’s brokers Canaccord Genuity and Euroz Hartleys were offering shares at 22¢ apiece, representing a 13.7 per cent discount to the last close.

The company is capitalised at $425.4 million on the ASX and the $30 million falls within its placement capacity. However, shareholders would still need to bless any participation from its largest shareholder Hawke’s Point Mining Finance, given it already controls 40.95 per cent of the register.The raise comes as Ora Banda said its first exploration hole at Sand King has intercepted a potentially high-grade lode system.

However, it was down to $19.2 million cash at December 31.The company has pitched Sand King as a second underground mine that could stand alongside its more advanced Riverina asset, in WA’s goldfields region. Shares have risen 155 per cent over the past year.The brokers have teed up a management call for 12:30pm, Sydney time.

Bids are due by 5pm for Asia Pacific investors and 10am, Thursday for the rest of the world.