Greatland Gold Secures Full Subscription for Retail Share Offer

September 13, 2024 08:31 PM AEST | By Team Kalkine Media

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Greatland Gold Secures Full Subscription for Retail Share Offer — Image source: Shutterstock

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Greatland Gold PLC has successfully completed a retail share offer within Gold Sector, raising the maximum amount of £6.7 million (approximately US$8.8 million). This fundraising effort was conducted through the Primary Bid platform, and the entire offer was fully subscribed. The funds from this offering will be combined with a US$325 million placing completed earlier in the week.

Use of Funds

The combined total of £6.7 million from the retail offer and US$325 million from the recent placing is intended to finance the acquisition of the Havieron prospect and Telfer mine, both located in the Pilbara region of Western Australia. The acquisition of these assets is a strategic move aimed at expanding Greatland Gold (OTC:GRLGF)’s operational portfolio and enhancing its resource base.

Allocation Preferences

In response to the high demand for the retail share offer, Greatland Gold has stated that preference will be given to existing shareholders in the allocation process. This approach reflects the company’s commitment to rewarding current supporters and ensuring their continued engagement in the company’s future developments.

Recent Developments

The recent fundraising activities highlight Greatland Gold’s ongoing efforts to strengthen its position in the mining sector. The company’s strategy to acquire significant assets in Pilbara demonstrates its focus on expanding its resource base and advancing its exploration and development projects. The successful completion of both the retail share offer and the placing underscores strong market confidence in Greatland Gold’s growth prospects and strategic direction.

Greatland Gold’s recent capital raise through the retail share offer and the placing is a clear indicator of the company’s proactive approach to financing its expansion plans. The full subscription of the retail offer and the significant capital raised will play a crucial role in supporting the company’s objectives in the mining sector.

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