Greatland Gold PLC, (AIM: GGP). believes that investment from Tribeca Investment Partners in the Havieron project is a “tremendous endorsement”.
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).
Shaun Day, Greatland Gold’s managing director, stated that Tribeca was brought in as a cornerstone investor and that they are a valuable shareholder.
Tremendous to be able to upsize the equity raise, which included new shareholder #Tribeca as a cornerstone participant. Their support was appreciated to deliver this outcome $ggp #GGP #Greatlandgold
— Shaun Day (@shaun_day_) August 26, 2022
“Their involvement in the asset and team is a huge endorsement, but I believe it’s also an excellent demonstration to other funds on the market.”
“It gives others the confidence to come in, and I believe their involvement was crucial to the success of this process.”
#GreatlandGold (AIM: $GGP) is pleased to announce the successful completion of the Placing announced yesterday, 24 August 2022. The Placing was oversubscribed, with the total proceeds amounting approximately US$35m.
View the announcement here: https://t.co/RcnrNMHql5 #GGP pic.twitter.com/wr7QacGg8I
— Greatland Gold (@GreatlandGold) August 25, 2022
The Chief Executive Officer was somewhat disappointed by the inability of retail investors to be included in the fundraising.
The UK prospectus law states that firms cannot offer more than £6,7m (Euro 8m) equity in a 12-month period. This was the case last October.
Tribeca, an Australian fund manager, has committed the US $13.8m of new cash. It also agreed to provide US$27.6m in additional funding for Havieron’s development costs.
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