Greatland Gold PLC Financing Update (1241W)
06 February 2017 - 10:47PM
UK Regulatory
TIDMGGP
RNS Number : 1241W
Greatland Gold PLC
06 February 2017
6 February 2017
Greatland Gold plc
("Greatland" or "the Company")
Financing Update
Greatland Gold plc (LON:GGP), the London Stock Exchange AIM
listed precious and base metals exploration and development
business, is pleased to announce that the Company has raised
GBP350,000 through a placing and subscription of shares in the
Company.
Highlights:
-- Placing and subscription of 125,000,000 new ordinary shares
of 0.1 pence each ("Ordinary Shares") in the capital of Greatland
at a subscription price of 0.28p per Ordinary Share, raising gross
proceeds of GBP350,000 (the "Placing");
-- Placing and subscription undertaken at a premium to the
mid-market closing price of the Company as at 3 February 2017;
-- Issue of 125,000,000 warrants to subscribe for 125,000,000
new Ordinary Shares in Greatland at an exercise price of 0.45p per
warrant, within a 12 month exercise period;
-- The net proceeds of the Placing will be used to accelerate
exploration activity at Greatland's portfolio of 100% owned,
Austraiian-based projects and to provide the Company with a greater
range of financing options for any potential acquisitions.
Gervaise Heddle, Chief Executive Officer, commented: "The funds
raised today drive the Company's cash balances to approximately
GBP850,000 which provides considerable working capital to further
advance our exploration plans at Ernest Giles, Bromus, Havieron and
our Tasmanian projects. Moreover, the funds provide the Company
with greater financial flexibility to negotiate with external
parties in regards to new business opportunities.
Once again, we would like to thank our loyal base of existing
shareholders, many of whom participated in this latest placing and
subscription, for their encouragement and support."
Placing and subscription summary
Greatland has agreed a placing and subscription to raise
GBP350,000 of gross proceeds through the issue of 125,000,000
Greatland Ordinary Shares at price per share of 0.28p (the "Placing
Shares").
Each Placing Share issued has an accompanying unlisted and
non-transferrable warrant to subscribe for an additional Greatland
new Ordinary Share at a price of 0.45p at any time within the 12
months following admission to trading of the Placing Shares
(representing the issue of a total of 125,000,000 warrants). Should
all of these warrants be exercised, a further GBP562,500 will be
raised for the Company at a price of 0.45p.
The 125,000,000 Placing Shares are expected to be admitted to
trading on, or around, 21 February 2017. For the purposes of the
Financial Conduct Authority's Disclosure and Transparency Rules
("DTRs"), the issued ordinary share capital of Greatland following
the issue and allotment of the Placing Shares comprises
1,806,349,845 Ordinary Shares with voting rights attached (one vote
per share). There are no shares held in treasury. This total figure
of 1,806,349,845 may be used by shareholders as the denominator for
the calculation by which they will determine whether they are
required to notify their interest in, or a change to their interest
in Greatland under the DTRs.
Enquiries:
Greatland Gold PLC
Callum Baxter/Gervaise Heddle
Tel +44 (0)20 7747 9980
Email: info@greatlandgold.com
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady/Sean Wyndham-Quin/James Keeshan
Tel +44 (0)20 3368 3550
SI Capital Limited (Broker)
Nick Emerson / Andy Thacker
Tel +44 (0)14 8341 3500
Notes for Editors:
Greatland Gold plc is London listed (LON:GGP) natural resource
exploration and development company with a current focus on gold
and nickel exploration projects.
The Company has five main projects; three situated in Western
Australia and two in Tasmania. All projects are 100% owned by
Greatland or Greatland has the right to take 100% ownership.
Greatland is seeking to identify large mineral deposits in areas
that have not been subject to extensive exploration previously. It
is widely recognised that the next generation of large deposits
will come from such under-explored areas and Greatland is applying
advanced exploration techniques to investigate a number of
carefully selected targets within its focused licence
portfolio.
The Company is also actively investigating a range of new
opportunities in precious and strategic metals and will update the
market on new opportunities as and when appropriate.
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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