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Highlights
Greatland Resources confirms share issuance to Rio Tinto Exploration under joint venture terms
New ordinary shares to be listed on the AIM segment of the London Stock Exchange
Joint venture relates to the Paterson South project with planned admission date announced
Operating under the FTSE AIM UK 50 Index and FTSE AIM 100 Index, Greatland Resources (LON:GGP), a mineral exploration and development company, confirmed its plan to issue new ordinary shares to Rio Tinto Exploration Pty Limited, a unit of Rio Tinto (LON:RIO). This action is part of the obligations arising from their existing farm-in and joint venture agreement related to the Paterson South project.
The upcoming issuance is based on terms first disclosed in the announcement made by Greatland Resources in May of the previous year. The company reaffirmed its intention to fulfil the agreed up-front consideration with Rio Tinto Exploration through a direct share allocation. This development follows the regulatory and compliance procedures required under the agreement and formal documentation within Australia.
An application will be submitted to the London Stock Exchange (LSE) for the newly issued shares to be admitted for trading on the AIM market. Subject to regulatory clearance, admission is anticipated to commence on or around the final week of July. The issuance is scheduled for formal execution in the days leading up to the expected trading date.
The company has also filed the required Form 3B documentation with the Australian Securities Exchange in connection with this planned issuance. This procedural step aligns with the disclosure obligations under both UK and Australian corporate governance frameworks.
The joint venture at the core of this share issuance pertains to the Paterson South exploration area, a region where both entities have aligned strategic interests in resource development. Rio Tinto (LON:RIO), also listed on the FTSE 100, continues to play a pivotal role in the early-stage exploration work under the collaboration agreement with Greatland Resources.
The regulatory announcement was made available through an official disclosure channel and is recognised as containing information within the public domain under the UK Market Abuse Regulation standards. The issuance forms part of the structured progression of the joint venture arrangement, in which equity compensation was outlined as an integral clause of the commercial terms.
Greatland Resources, known for its operational activity in gold and copper exploration, continues its strategic approach by aligning with globally recognised mining partners. The transaction marks another milestone in the company’s path to delivering on its multi-asset exploration and development agenda across Western Australia and the broader Paterson Province.
