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GCM Gcm Resources Plc

5.50
0.15 (2.80%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gcm Resources Plc LSE:GCM London Ordinary Share GB00B00KV284 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.15 2.80% 5.50 5.50 6.00 5.75 5.20 5.25 2,229,390 16:35:12
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Coal Mining Services 0 -1.32M -0.0056 -10.27 13.67M

GCM Resources PLC Subscription to raise £2.0 million

16/04/2024 7:00am

RNS Regulatory News


RNS Number : 7103K
GCM Resources PLC
16 April 2024
 

 

 

GCM Resources plc

("GCM" or the "Company")

 

Subscription to raise £2.0 million

 

Appointment of Joint Broker

 

 

GCM Resources plc, the AIM traded mining and energy company, has successfully raised £2.0m through a direct subscription (the "Subscription") of 30,769,230 new Ordinary Shares of 1p each (the "Subscription Shares") at a price of 6.5 pence per share (the "Subscription Price").

 

The Subscription Price represents a discount of 24.6 per cent to the Closing Price of 8.625 pence per Ordinary Share on 15 April 2024.The Subscription Shares will represent 11.1 per cent. of the Enlarged Issued Share Capital

 

The net proceeds of the Subscription will provide the Company with working capital to support the strategy to progress the Phulbari Coal and Power Project through the next 16 months on the Company's current cost basis.

 

Axis Capital Markets Limited ("Axis Capital") has subscribed for the shares on behalf of its clients. GCM has appointed Axis Capital as joint broker to the Company with immediate effect.

 

Commenting on the Subscription, Michael Tang CEO said: " I am delighted with the support from the London Market, which comes at a time when we are increasingly more confident that the Government of Bangladesh is receptive to the advantages of domestic energy production; our focus and main effort now is to secure the consent to develop the Phulbari Coal and Power Project, which we are well placed to develop alongside our global energy infrastructure partners, Power China."

 

The Subscription

 

The Company will issue 30,769,230 Subscription Shares, to raise gross proceeds of £2,000,000 to participants in the Subscription. The Subscription Shares will be admitted ("Admission") to trading on the AIM market ("AIM") of London Stock Exchange plc ("LSE") on or around 19 April 2024.

 

The Subscription is conditional, inter alia, on Admission of the Subscription Shares to trading on AIM, the Subscription has been conducted utilising the Company's existing share authorities.

 

The Subscription Shares will be issued, credited as fully paid, and will rank pari passu with the existing Ordinary Shares in issue in the capital of the Company, including the right to receive all dividends and other distributions (if any) declared, made or paid on or in respect of such shares after the date of their issue. Settlement will occur on a delayed basis on terms typical for a transaction of this nature.

 

Admission and Disclosure and Transparency Rules

Application has been made to the London Stock Exchange for, in aggregate, 30,769,230 new Ordinary Shares to be admitted to AIM. It is expected that Admission will become effective on 19 April 2024. Following Admission, the Company's enlarged issued share capital will comprise 276,365,604 Ordinary Shares with voting rights in the Company. As the Company holds no shares in treasury, this is the total number of the voting rights in the Company which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change in the interest, in the share capital of the Company under Chapter 5 of the FCA's Disclosure Guidance and Transparency Rules as reflected in the Company's articles of incorporation.

 

 

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

Keith Fulton

Finance Director

 +44 (0) 20 7290 1630

 

 

WH Ireland Ltd (Nominated Adviser & Broker)

James Joyce

James Bavister

Andrew De Andrade

+44 (0) 20 7220 1666

GCM Resources plc


Tel: +44 (0) 20 7290 1630


info@gcmplc.com; www.gcmplc.com

Axis Capital Markets Ltd ( Joint Broker)


Ben Tadd/Lewis Jones


+44 (0) 203 026 0320



 

 

About GCM Resources

GCM Resources plc (LON:GCM), the AIM traded 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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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