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Greatland Gold raises almost £4.2 million

Published by
Global Mining Review,


Greatland Gold plc, the precious and base metals exploration and development business, is pleased to announce that it has raised £4 177 550 through a placing and subscription of new ordinary shares in the company with both current shareholders and new institutional and high net worth investors.

Greatland has also appointed Numis Securities Ltd as joint broker to the company with immediate effect.

Highlights

  • Placing and subscription of 225 813 513 new ordinary shares of 0.1 pence each (Ordinary Shares) at a placing price of 1.85 p per Ordinary Share raising gross proceeds of £4 177 550.
  • Issue of 225 813 513 warrants to subscribe for 225 813 513 new Ordinary Shares at an exercise price of 2.5 p per warrant, within a 24 month exercise period.
  • The net proceeds will be used to advance key exploration targets, particularly in the Paterson region of Western Australia, with the initial focus on Scallywag and high priority targets recently identified at Paterson Range East.
  • The funds raised by SI Capital Ltd and Numis Securities Ltd (acting as introduction agent) increase Greatland’s cash balance to approximately £6.4 million.

Gervaise Heddle, CEO, commented: “We are delighted with the support shown from our current shareholders and welcome a number of new institutional and high net worth investors to our register. Their support is indicative of the significant progress Greatland has made over the last 12 months and our strategic position in the highly prospective Paterson region, where we believe there are multiple potential tier-one opportunities present.

“Our 2019 exploration programme has presented some exciting results to date, which led to the decision to ramp up our exploration activities, particularly in the Paterson region. The funds raised will initially be used to advance our Scallywag target and several high-priority targets recently identified at our Paterson Range East licence. With the advancement of our exploration programme, alongside the excellent first drill results from Newcrest at Havieron, Greatland is moving forward apace on multiple fronts and we look forward to providing further updates on our progress.”

Read the article online at: https://www.globalminingreview.com/finance-business/13082019/greatland-gold-raises-approximately-42-million/

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