Ora Banda Mining Secures $12.74m to advance Riverina
- Ora Banda Mining (OBM) secures $12.74 million in funding to advance its Riverina project in Western Australia
- The company struck a deal with its largest shareholder, Hawke’s Point, comprising an unsecured loan worth $11 million and a net smelter return royalty to Hawke’s Point in return for the remaining $1.74 million
- OraBanda expects to receive the proceeds by December 23, with the cash to fund resource development and exploration at Riverina
- Hawke’s Point remains OraBanda’s largest shareholder, with a current shareholding of 45.29 per cent
- OraBanda is up 4.41 per cent and trading at 7.1 cents at midday AEDT
