TIDMGGP
RNS Number : 3067R
Greatland Gold PLC
20 September 2017
20 September 2017
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Greatland Gold plc
("Greatland" or "the Company")
Issue of Equity
Strategic Financing Raises GBP750,000, Funds to be Used to
Accelerate Exploration Across Greatland's Portfolio of Exploration
Projects
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
GBP750,000 through a placing of shares in the Company with
sophisticated investors who specialize in investing in the mining
and resources sector.
Highlights:
-- Placing of 166,666,667 new ordinary shares of 0.1 pence each
("Ordinary Shares") in the capital of Greatland at a placing price
of 0.45p per Ordinary Share, raising gross proceeds of GBP750,000
(the "Placing");
-- Issue of 166,666,667 warrants to subscribe for 166,666,667
new Ordinary Shares in Greatland at an exercise price of 0.7p per
warrant, within a 24 month exercise period;
-- The net proceeds of the Placing will be used to accelerate
exploration activity across Greatland's portfolio of 100% owned,
Australian-based projects;
-- The funds raised increase the Company's cash balances to approximately GBP1,500,000.
Gervaise Heddle, Chief Executive Officer, commented: "I am
pleased at the level of support for our oversubscribed placing of
GBP750,000 and look forward to putting the funds raised to work
within the Company by accelerating our exploration plans across the
portfolio of 100% owned, Australian-based projects. We welcome our
new shareholders onto our register and thank our existing
shareholders for their continued support."
Placing summary
Greatland has agreed a placing to raise GBP750,000 of gross
proceeds through the issue of 166,666,667 Ordinary Shares at price
per share of 0.45p (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 0.7p at any time within the 24
months following admission to trading of the Placing Shares
(representing the issue of a total of 166,666,667 warrants). Each
warrant will include an accelerated exercise condition
("Accelerator") such that in the event the that the Company's
volume weighted average share price exceeds 1.0p for a period of
five consecutive trading days the Company shall be entitled to give
holders of the warrants 5 business days' notice that the warrants
must be exercised within a further 10 business days, following
which they will otherwise expire. Should all of these warrants be
exercised, a further GBP1,166,666 will be raised for the Company at
a price of 0.7p.
The 166,666,667 Placing Shares are expected to be admitted to
trading on, or around, 4(th) October 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
2,245,201,748 Ordinary Shares with voting rights attached (one vote
per share). There are no shares held in treasury. This total figure
of 2,245,201,748 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.
In connection with the placing, and conditional on the Admission
of the Placing Shares, Salonica Capital will also receive an
unlisted and non-transferrable warrant to subscribe for 10,000,000
Greatland new ordinary shares at a price of 0.7p at any time within
the 24 months following the admission to trading of the Placing
Shares that will include the Accelerator described above.
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
Tel +44 (0)14 8341 3500
Luther Pendragon (Media and Investor Relations)
Harry Chathli/Ana Ribeiro/Alexis Gore
Tel +44 (0)20 7618 9100
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 six main projects; four 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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