12 August 2019
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
Greatland Gold plc
("Greatland" or "the Company")
Greatland Raises £4.2 million and Appoints Joint Broker
Funds raised from institutional and high net worth investors to be used to advance exploration targets in the Paterson region
Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development business, is pleased to announce that it has raised £4,177,550 through a placing and subscription of new ordinary shares in the Company with both current shareholders and new institutional and high net worth investors.
Greatland is also pleased to announce the appointment of Numis Securities Limited as joint broker to the Company with immediate effect.
Highlights:
· Placing and subscription of 225,813,513 new ordinary shares of 0.1 pence each ("Ordinary Shares") at a placing price of 1.85p per Ordinary Share raising gross proceeds of £4,177,550.
· Issue of 225,813,513 warrants to subscribe for 225,813,513 new Ordinary Shares at an exercise price of 2.5p per warrant, within a 24 month exercise period.
· The net proceeds will be used to advance key exploration targets, particularly in the Paterson region of Western Australia, with the initial focus on Scallywag and high-priority targets recently identified at Paterson Range East.
· The funds raised by SI Capital Limited and Numis Securities Limited (acting as introduction agent) increase Greatland's cash balance to approximately £6.4 million.
Gervaise Heddle, Chief Executive Officer, commented: "We are delighted with the support shown from our current shareholders and welcome a number of new institutional and high net worth investors to our register. Their support is indicative of the significant progress Greatland has made over the last 12 months and our strategic position in the highly prospective Paterson region, where we believe there are multiple potential tier-one opportunities present.
"Our 2019 exploration programme has presented some exciting results to date, which led to the decision to ramp up our exploration activities, particularly in the Paterson region. The funds raised will initially be used to advance our Scallywag target and several high-priority targets recently identified at our Paterson Range East licence. With the advancement of our exploration programme, alongside the excellent first drill results from Newcrest at Havieron, Greatland is moving forward apace on multiple fronts and we look forward to providing further updates on our progress."
Placing and Subscription summary
Greatland has raised £4,177,550 of gross proceeds through a placing and subscription of 225,813,513 Ordinary Shares at price of 1.85p per share (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 2.5p at any time within the 24 months following admission to trading of the Placing Shares (representing the issue of a total of 225,813,513 warrants). Should all of these warrants be exercised, a further £5.65 million will be raised for the Company at a price of 2.5p.
The 225,813,513 Placing Shares are expected to be admitted to trading on, or around, 27 August 2019. 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 3,549,233,658 Ordinary Shares with voting rights attached (one vote per share). There are no shares held in treasury. This total figure of 3,549,233,658 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.
Enquiries:
Greatland Gold PLC
Gervaise Heddle/Callum Baxter
Tel: +44 (0)20 3709 4900
Email: [email protected]
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated Adviser)
Andrew Emmott/James Keeshan
Tel: +44 (0)20 3368 3550
SI Capital Limited (Joint Broker)
Nick Emerson/Alan Gunn
Tel: +44 (0)14 8341 3500
Numis Securities Limited (Joint Broker)
Matthew Hasson/John Prior/Alamgir Ahmed
Tel: +44 (0)20 7260 1000
Luther Pendragon (Media and Investor Relations)
Harry Chathli/Alexis Gore/Joe Quinlan
Tel: +44 (0)20 7618 9100
Notes for Editors:
Greatland Gold plc is a London-listed (LON:GGP) natural resource exploration and development company with a current focus on gold, copper 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.
In March 2019, Greatland signed a Farm-in Agreement with Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM), to explore and develop Greatland's Havieron gold-copper project in the Paterson region of Western Australia. Newcrest has the right to acquire up to a 70% interest in a 12-block area within E45/4701 that covers the Havieron target by spending up to US$65m.
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.
