19th Nov 2021 09:08
(Alliance News) - Greatland Gold PLC on Friday said it has upsized a fundraising amid strong demand.
The mine developer and mineral explorer said it now intends to raise USD16 million, up from USD10 million initially. Greatland Gold will issue 82.0 million shares at a price of 14.5 pence each.
The issue price represents a discount of 11% to the stock's closing price on Wednesday. Greatland Gold shares were trading down 6.3% on Friday in London at 14.99p each, giving the company a market capitalisation of GBP592 million.
The company intends to use fresh cash to develop the Havieron gold and copper deposit in western Australia and broader exploration portfolio.
Berenberg and Canaccord were joint bookrunners and SI Capital was as lead manager in connection with the placing.
The AIM-listed company said Chief Executive Officer Shaun Day and Chief Financial Officer Christopher Toon, both participated in the fundraising. Day subscribed for 375,000 shares at the placing price, while Toon bought 110,000 shares.
By Evelina Grecenko; [email protected]
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