Greatland Gold PLC (AIM:GGP) Proposed Placing (approx. £25 million) at a price of 8.2 p per new Ordinary Share

Greatland Gold plc (AIM:GGP) is pleased to announce that it intends to raise a minimum amount of approximately US$30 million (approx. £25 million) by way of a Placing (as defined below) at a price of 8.2 p per new Ordinary Share (the “Issue Price”).

The placing of new ordinary shares of nominal value £0.001 each in the capital of the Company (the “Placing Shares”) will be conducted through an accelerated bookbuild process (the “Bookbuild”), which will be launched immediately following release of this announcement (the “Announcement”) and will be made available to new and existing eligible institutional investors (the “Placing”). The Placing is subject to the Terms and Conditions set out in the Appendix to this Announcement .

Canaccord Genuity Limited (“Canaccord”) and Sprott Capital Partners LP (“Sprott”) are acting as joint bookrunners (together being the “Joint Bookrunners”) in connection with the Placing. Ashanti Capital is acting as co-manager.

Summary and Highlights of the Placing

§ Intention to conduct a Placing to raise minimum gross proceeds of approximately US$30 million (approximately £25 million1 ) at the Issue Price.

§ The Issue Price represents a discount of approximately 15.5 per cent. to the closing mid-market share price per Ordinary Share on 23 August 2022, being the last practicable date prior to publication of this Announcement.

§ Tribeca Investment Partners, a fund management and advisory firm focused on natural resources in the Asia Pacific region with deep insights into the Australian precious metals investment landscape, intends to provide a cornerstone investment through the Placing of A$20 million (US$13.8 million) through funds managed by Tribeca Investment Partners. In addition, it has agreed to work with the Company to provide up to A$40 million (US$27.6 million) of additional funding as required as part of the Company’s funding package (further detail below).

§ The Company intends to use the net proceeds of the Placing to:

o fund the continued development of Havieron as described in the Pre-Feasibility Study in conjunction with the Company’s joint venture partner, Newcrest Mining Ltd (“Newcrest”);

o continue drilling the Havieron deposit to explore and grow the wider Havieron Resource;

o undergo exploration activities on the Company’s 100% owned licences to target new Havieron-like discoveries in the Paterson region; and

o fund working capital and general corporate purposes.

§ The Company intends to use any net proceeds from the Placing in excess of US$30 million to further accelerate the exploration activities noted above and assist Greatland (along with its targeted debt package and the potential of A$40 million in additional funding from Tribeca) towards becoming fully funded for its share of development costs at Havieron.

§ Greatland is concurrently progressing advanced discussions with several Tier 1 ‘Main Street’ global banks with the aim of providing additional funding, through a debt package, to the Company for the development of Havieron in the medium-term. To date, the Company has received several credit approved term sheets from banks and discussions are ongoing. The Company will continue to update the market on progress as appropriate.

§ The Company intends to pursue a cross-listing on the Australian Stock Exchange (“ASX”) within the next 12 months in order to benefit from a mining focused exchange, and to expand access to available capital. The Company is actively exploring the possibility of appointing additional board directors with strong ASX public markets experience.

§ Shaun Day, Managing Director of the Company, alongside other members of the management team, intend to participate in the Placing for an aggregate value of approximately US$128,000 (approx. £108,000) 1 . A further announcement will be made in due course.

§ The final number of Placing Shares issued pursuant to the proposed Placing will be determined following the close of the Bookbuild.

§ The Placing Shares will only be offered in the UK to ‘Qualified Investors’ (as defined in the UK Prospectus Regulation) in compliance with the UK Prospectus Regulation, as such no prospectus will be published.

Shaun Day, Managing Director of Greatland Gold plc, commented:

” This Placing strengthens our balance sheet and provides added flexibility for Greatland’s ongoing 30% participation in the development of the potentially world class Havieron gold-copper project.

The equity raising will provide the Company the opportunity to add a significant institutional presence to our share registry, reflecting the increasing maturity of our business and the value proposition of Greatland Gold.

In particular, the cornerstone participation of Tribeca Investment Partners as a new shareholder, is greatly valued together with its broader statement offering to work together with Greatland to potentially provide ongoing financial support for Greatland.

This equity raising follows the successful and recent conclusion of the 5% option process which was resolved with Greatland retaining its 30% interest in Havieron, the best possible outcome available to Greatland and its shareholders.

As proceeds from any option exercise were always required to offset the existing Newcrest loan first, the Company was not planning on receipt of proceeds for its ongoing funding requirements. In parallel, the Company’s debt funding strategy incorporated flexibility with respect to its ownership level of Havieron. Accordingly, the 30% ownership of Havieron is accommodated within our debt process and is a continuation of business as planned.”

1 Calculated by reference to a GBP:AUD exchange rate of 1:1.708, a GBP:USD exchange rate of 1: 1.179 as at 12:00 p.m. London time on 24 August 2022


Greatland Gold PLC

Shaun Day

+44 (0)20 3709 4900

[email protected]

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