TIDMGCM
RNS Number : 5233D
GCM Resources PLC
03 March 2022
3 March 2022
The following amendments have been made to the ' Placing and
Subscription to raise GBP2,130,000' announcement released on 2
March 2022 at 4:13pm under RNS No 4296D.
The text below has been updated to reflect admission to trading
on AIM expected to take place at 8.00am on or around 9 March
2022.
All other details remain unchanged.
The full amended text is shown below.
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW
ZEALAND, JAPAN, SOUTH AFRICA OR IN OR INTO ANY OTHER JURISDICTION
WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY
APPLICABLE LAW OR REGULATION.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE
OR DISPOSE OF ANY SECURITIES IN GCM RESOURCES PLC OR ANY OTHER
ENTITY IN ANY SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO.
596/2014) AS IT FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018 ("UK MAR").
GCM Resources plc
("GCM" or the "Company")
Placing and Subscription to raise GBP2,130,000
Appointment of Joint Broker & Loan Amendment
GCM Resources plc (LON: GCM), an AIM quoted mining and energy
company i s pleased to announce that the Company has raised gross
proceeds of GBP2.13million through a placing (the "Placing") of
25,291,828 shares and a subscription for 16,171,777 shares (the
"Subscription") of new ordinary 1p shares in the Company
("Fundraising Shares") at a price of 5.14 pence per share ("the
Placing Price"), representing a discount of approximately 36.9% to
the closing mid-market share price on 1 March 2022 (being the last
business day prior to this announcement).
The issue of the Fundraising Shares is within the Company's
existing allotment authorities. The Fundraising Shares equate to
approximately 30.1% of the Company's currently issued share
capital.
The funds raised from the Placing and the Subscription will be
principally be used for development capital on the Company's
high-quality coal resource of 572 million tonnes (JORC 2004
compliant) at the Phulbari Coal and Power Project (the "Project")
in north-west Bangladesh, and provide the Company with sufficient
funds to cover its corporate operating expenses through to Q2
2023.
Placing & Joint broker Appointment
The Company has raised gross proceeds of approximately
GBP1,300,000 by means of a placing (the "Placing") of new Ordinary
Shares (the "Placing Shares") at the Placing Price through ETX
Capital, which is the trading name of Monecor (London) Limited. ETX
Capital is acting as broker in connection with the Placing
The Company intends to issue approximately 25,291,828 Shares, to
raise gross proceeds of approximately GBP1,300,000, to participants
in the Placing. The Placing Shares are expected to be admitted to
trading on AIM on or around 9 March 2022.
GCM is also pleased to announce that it has appointed ETX
Capital as joint broker, as part of the Placing.
Subscription
An issue of 16,171,777 new ordinary shares of 1p each in the
capital of the Company (the "Subscription Shares") to certain
individuals including Polo Resources Ltd at the Issue Price to
raise GBP830,000 (the "Subscription") at an issue price of 5.14p
("the issue price").
Loan Facility Amendment
The Company has, as part of the proposed subscription, agreed to
amend the terms of the loan facility provided by Polo Resources
Limited (the "Facility") of which, as announced on 26 March 2021,
there is GBP300,000 of the initial GBP3.5 million facility
remaining undrawn. The lender may request conversion by the
issuance of new ordinary shares in the Company at 5.14 pence per
share (being the Issue Price) subject to any necessary regulatory
approvals. All other terms of the agreement remain unchanged.
Related party transactions
The participation of Polo in the Subscription and the amendment
of the Loan Facility, constitutes related party transactions
pursuant to the AIM Rules for Companies. The Directors (excluding
Datuk Michael Tang), having consulted with the Company's nominated
adviser, WH Ireland Limited, consider the terms of the Subscription
and amendment of the Loan Agreement, to be fair and reasonable
insofar as the Company's shareholders are concerned.
Admission to trading and total voting rights
The Placing and Subscription Shares will rank pari passu in all
respects with the Company's existing ordinary shares. The Placing
is conditional, inter alia, on there being no breach of the
Company's obligations under the Placing Agreement entered into
between Monecor (London) Ltd (trading as ETX Capital) and the
Company prior to admission of the Placing Shares to trading on AIM
("Admission"), and such Admission becoming effective. Application
will be made to the London Stock Exchange for the Placing Shares to
be admitted to trading on AIM. It is expected that Admission will
become effective and that dealings in the Placing Shares on AIM
will commence at 8.00 a.m. on or around 9 March 2022.
On Admission, the Company's issued share capital will consist of
179,056,486 ordinary shares, each with one voting right. There are
no shares held in treasury. Therefore, the Company's total number
of ordinary shares and voting rights will be 179,056,486 and this
figure may be used by shareholders following Admission as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
Datuk Michael Tang, CEO of GCM, commented : "I am pleased that
we are able to announce this successful fundraising, with new &
existing investors, to provide funds for our development over the
next year. I look forward to providing further updates in due
course in relation to progress with the Phulbari Coal and Power
Project"
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:
GCM Resources plc WH Ireland Ltd
Keith Fulton James Joyce
Finance Director Andrew De Andrade
+44 (0) 20 7290 1630 +44 (0) 20 7220 1666
GCM Resources plc
Tel: +44 (0) 20 7290 1630
info@gcmplc.com; www.gcmplc.com
About GCM Resources
GCM Resources plc (LON: GCM), an AIM listed 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 is capable of supporting power
plants of up to 6,000MW. GCM is awaiting approval from the
Government of Bangladesh to develop the Project. The Company has a
strategy of combining the Company's mine proposal with up to
6,000MW of power generation, together with credible,
internationally recognised strategic 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.
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END
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March 03, 2022 03:51 ET (08:51 GMT)
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