Mineral exploration and development company, Ora Gold Limited, has successfully secured $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, which highlights the market’s confidence in Ora’s potential and future growth.
The placement comes after the recent exploration results from the Crown Prince Prospect at the Garden Gully Gold project in Western Australia.
With these additional funds, Ora Gold is now set to accelerate its drilling, resource definition, exploration, and technical programs at both the Crown Prince Prospect and other regional prospects.
The proceeds from the placement will support 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 test work and reporting
- Geotechnical drilling, logging, and reporting
- Hydrogeological investigations and reporting
- General working capital needs, including a $0.3 million cash payment to Sipa Resources.
Ora Gold CEO Alex Passmore said: “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,” said Passmore.
This successful placement solidifies the company’s strong financial position, providing the necessary capital to aggressively pursue its exploration and development objectives.
The company is reportedly ready 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.
Passmore said that this placement positions Ora well to continue to deliver ongoing drill results, an updated Mineral Resource estimate at Grown 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 a 50 metre and 300 metre vertical depth to test extensions of high-grade gold mineralisation along strike and down dip at Crown Prince,” said Passmore.