Global Resources Investment Tst PLC Fundraising and Board Change (1622H)

TIDMGRIT

RNS Number : 1622H

Global Resources Investment Tst PLC

02 August 2021

2 August 2021

GLOBAL RESOURCES INVESTMENT TRUST PLC

("GRIT" or "the Company")

Fundraising & Board Change

The Directors of GRIT are pleased to announce that GBP599,201 of new financing (before expenses) has been secured by way of a fundraising (the "Fundraising") undertaken by Peterhouse Capital Limited ("Peterhouse"), via a placing of Convertible Loan Notes ("Loan Notes") to new and existing investors (the "Investors"). The Loan Notes have a conversion price of 0.25 pence per new ordinary share.

The issue of the CLNs forms part of a wider transaction pursuant to which Peterhouse placed 18,288,131 existing shares (the "Existing Shares") in the Company with the Investors, pro-rata to their participation in the Fundraise. The Existing Shares have been acquired at a price of 2.75 pence per ordinary share.

The net proceeds of the Fundraising will provide the Company with additional working and investment capital to support the exploitation of investment opportunities in the junior mining and natural resource sectors.

Following the recent publication of the Company's Annual Results for the year ending 31December 2020 and the restoration of trading in GRIT's shares on 28 July 2021, Stephen Roberts has decided to resign from the board. We would like to thank Steve for his valuable contribution over the last two years.

It is the intention of the Company to seek to appoint additional Executive and Non-Executive Directors as soon as practically possible; and conversations are well advanced in this regard.

Further information on the Convertible Loan Notes

The Convertible Loan Notes, which have a final repayment date of 30 July 2022, are interest free, unsecured and are mandatorily convertible at a price of 0.25 pence per ordinary share in the Company at the publication by the Company of a prospectus which covers the admission of the ordinary shares arising on conversion of the Loan Notes to listing on the Official List and to trading on the London Stock Exchange's main market for listed securities.

Following completion of the above fundraising, Gledhow Investments plc will no longer hold any shares in the Company.

For further information, please contact:

 
  Global Resources Investment Trust    Tel: [phone] 
   PLC                                  2554 
  Martin Lampshire 
                                     ---------------------- 
  Beaumont Cornish Limited             Tel: [phone] 
                                        3396 
                                     ---------------------- 
  Roland Cornish 
   Felicity Geidt 
                                     ---------------------- 
  Peterhouse Capital Limited           Tel: [phone] 
                                        0930 
                                     ---------------------- 
  Lucy Williams 
   Duncan Vasey 
                                     ---------------------- 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2012 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

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August 02, 2021 02:00 ET (06:00 GMT)