26th Mar 2021 14:32
GCM Resources PLC - mining and energy company - Launches share placing of 13.5 million shares to raise around GBP1 million for general working capital purposes. Notes the placing is priced at 7.5 pence per share and is through an accelerated bookbuild process for both existing and new institutional and professional investors. Says as part of the placing, it has extended the terms of the loan facility provided by Polo Resources Ltd, of which there is GBP300,000 of the initial GBP3.5 million remaining undrawn as of January 7. GCM and Polo have agreed on an interest rate increase to 15% from 12% per annum, rising by 1.5% from the third anniversary onwards. Polo says it will not serve a repayment request to GCM for five years from the date of the revised agreement.
Current stock price: 8.30p, down 10% on Friday
Year-to-date change: up 0.6%
By Zoe Wickens; [email protected]
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