TIDMGGP
RNS Number : 7230I
Greatland Gold PLC
12 August 2019
12 August 2019
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Greatland Gold plc
("Greatland" or "the Company")
Greatland Raises GBP4.2 million and Appoints Joint Broker
Funds raised from institutional and high net worth investors to
be used to advance exploration targets in the Paterson region
Greatland Gold plc (AIM:GGP), the precious and base metals
exploration and development business, is pleased to announce that
it has raised GBP4,177,550 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 is also pleased to announce the appointment of Numis
Securities Limited 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 1.85p
per Ordinary Share raising gross proceeds of GBP4,177,550.
-- Issue of 225,813,513 warrants to subscribe for 225,813,513
new Ordinary Shares at an exercise price of 2.5p 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 Limited and Numis Securities
Limited (acting as introduction agent) increase Greatland's cash
balance to approximately GBP6.4 million.
Gervaise Heddle, Chief Executive Officer, 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."
Placing and Subscription summary
Greatland has raised GBP4,177,550 of gross proceeds through a
placing and subscription of 225,813,513 Ordinary Shares at price of
1.85p per share (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 2.5p at any time within the 24
months following admission to trading of the Placing Shares
(representing the issue of a total of 225,813,513 warrants). Should
all of these warrants be exercised, a further GBP5.65 million will
be raised for the Company at a price of 2.5p.
The 225,813,513 Placing Shares are expected to be admitted to
trading on, or around, 27 August 2019. 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
3,549,233,658 Ordinary Shares with voting rights attached (one vote
per share). There are no shares held in treasury. This total figure
of 3,549,233,658 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
Gervaise Heddle/Callum Baxter
Tel: +44 (0)20 3709 4900
Email: info@greatlandgold.com
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated Adviser)
Andrew Emmott/James Keeshan
Tel: +44 (0)20 3368 3550
SI Capital Limited (Joint Broker)
Nick Emerson/Alan Gunn
Tel: +44 (0)14 8341 3500
Numis Securities Limited (Joint Broker)
Matthew Hasson/John Prior/Alamgir Ahmed
Tel: +44 (0)20 7260 1000
Luther Pendragon (Media and Investor Relations)
Harry Chathli/Alexis Gore/Joe Quinlan
Tel: +44 (0)20 7618 9100
Notes for Editors:
Greatland Gold plc is a London-listed (LON:GGP) natural resource
exploration and development company with a current focus on gold,
copper and nickel exploration projects.
The Company has six main projects; four situated in Western
Australia and two in Tasmania. All projects are 100% owned by
Greatland.
In March 2019, Greatland signed a Farm-in Agreement with
Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest
Mining Limited (ASX:NCM), to explore and develop Greatland's
Havieron gold-copper project in the Paterson region of Western
Australia. Newcrest has the right to acquire up to a 70% interest
in a 12-block area within E45/4701 that covers the Havieron target
by spending up to US$65m.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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