22nd Apr 2016 13:26
LONDON (Alliance News) - Greatland Gold PLC on Friday said it has raised GBP460,000 through the placing of 245.3 million shares at 0.1875 pence each.
The precious and base metals exploration and development business said Non-Executive Director Paul Johnson will subscribe for 13.3 million of the shares for GBP25,000. Following this, Johnson will be interested in 77.7 million shares representing 5.2% of the company's issued share capital.
In addition, Greatland has issued 245.3 million warrants to subscribe for shares at an exercise price of 0.375p each, within a 24-month exercise period, to potentially raise a further GBP920,000.
The proceeds of the placing will be used for working capital purposes and to facilitate strategic project developments.
"The board believes that Greatland, particularly having now secured additional financing, is in a highly advantageous position to build value as the resource sector shows increasing signs of recovery," Executive Director Callum Baxter said in a statement.
Shares in Greatland were trading down 6.7% at 0.210 pence on Friday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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