GBM Resources (ASX:GBZ) raises $1.5m via Placement
Henslow is pleased to have acted as Lead Manager on a $1.5m share Placement for GBM Resources (ASX:GBZ) that was strongly supported by two institutional cornerstone investors who collectively subscribed for a total of $0.9m.
Funds raised will be used to accelerate exploration and drilling on the highly prospective Drummond Basin, specifically at Twin Hills and Yandan over the next 12 months.
By way of background, GBM Resources is an ASX-listed (ASX:GBZ) gold exploration and development company with 1.9 Moz gold JORC Resources focused on the discovery of world class gold deposits in Eastern Australia with three core projects:
- Flagship Drummond Basin assets (100% GBZ) Mt Coolan (330koz @ 1.6 g/t Au), Yandan (515koz @ 1.0 g/t Au), Twin Hills (992koz @ 1.3 g/t Au);
- White Dam (100% GBZ) – cashflow generating gold-copper heap leach operation; and
- Cloncurry JV (45% GBZ) – copper-gold exploration which is currently drilling / awaiting assays.
This is the fifth capital raise where Henslow has advised GBM Resources, and we look forward to further strengthening our relationship as they continue to progress exploration and drilling activities.
The successful transaction highlights Henslow’s ability to partner with growth companies and effectively source capital where necessary.
