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On 1 February 2024, GCM Resources plc announced the successful conclusion of a subscription, raising gross proceeds of £500,000. The company has requested the restoration of trading in its securities on AIM, expected at 7.30am on 2 February 2024, with admission of the subscription shares to follow at 8.00am on the same day. GCM also stated an additional fundraise will be needed before the end of May 2024 to fund working capital for the next 12 months.
| Date | 1 Feb 2024 |
| Time | 15:39:00 |
| Category | Miscellaneous |
| ID | 7618B |
1 February 2024
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Completion of Subscription and
Lifting of Suspension
GCM, an AIM quoted mining and energy company, announces that, further to the announcement dated 26 January 2024, the subscription to raise gross proceeds of £500,000 has been successfully concluded. The Company has therefore requested the restoration of trading in the Company's securities on AIM, which is expected to take place at 7.30am, 2 February 2024, with admission of the subscription shares to follow at 8.00am on 2 February 2024.
The Company will need to carry out an additional fundraise before the end of May 2024 to fund its working capital for the next 12 months.
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.
For further information:
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GCM Resources plc Keith Fulton Finance Director +44 (0) 20 7290 1630 |
WH Ireland Ltd James Joyce James Bavister Andrew De Andrade +44 (0) 20 7220 1666 |
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GCM Resources plc |
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Tel: +44 (0) 20 7290 1630 |
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About GCM Resources
GCM Resources plc (LON:GCM), the AIM quoted mining and energy company, has identified a high-quality coal resource of 572 million tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project (the "Project") in north-west Bangladesh.
Utilising the latest highly energy efficient power generating technology the Phulbari coal mine can support some 6,600MW. GCM requires approval from the Government of Bangladesh in order to develop the Project. The Company has a strategy of linking the Company's mine proposal to supplying coal to the Government of Bangladesh's existing and in the pipeline coal-fired power plants and / or power plants developed development partners. Together with credible, internationally recognised strategic development partners, GCM aims to deliver a practical power solution to provide the cheapest coal-fired electricity in the country, in a manner amenable to the Government of Bangladesh.