Greatland Gold announces placing of 166,666,667 new shares
Greatland Gold the London Stock Exchange AIM listed precious and base metals exploration and development business, has announced that the Company has raised £750,000 through a placing of shares in the Company with sophisticated investors who specialize in investing in the mining and resources sector.
· Placing of 166,666,667 new ordinary shares of 0.1 pence each (“Ordinary Shares”) in the capital of Greatland at a placing price of 0.45p per Ordinary Share, raising gross proceeds of £750,000 (the “Placing”);
· Issue of 166,666,667 warrants to subscribe for 166,666,667 new Ordinary Shares in Greatland at an exercise price of 0.7p per warrant, within a 24 month exercise period;
· The net proceeds of the Placing will be used to accelerate exploration activity across Greatland’s portfolio of 100% owned, Australian-based projects;
· The funds raised increase the Company’s cash balances to approximately £1,500,000.
Gervaise Heddle, Chief Executive Officer, commented: “I am pleased at the level of support for our oversubscribed placing of £750,000 and look forward to putting the funds raised to work within the Company by accelerating our exploration plans across the portfolio of 100% owned, Australian-based projects. We welcome our new shareholders onto our register and thank our existing shareholders for their continued support.”