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.
Highlights:
· 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.”
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