GBM Resources Limited Raises $5.67M To Aid Exploration Strategy
Henslow is pleased to announce that we have successfully raised $5.67million for GBM Resources by acting as Lead Manager to a rights entitlement offer, whereby existing shareholders subscribed with applications for entitlements totalling $1,007,504. Henslow then placed the shortfall of the rights issue, the Shortfall Offer, of approximately $2.1M and a back ended Placement of $2.58M on the same terms as the Shortfall Offer, due to exceptionally strong demand.
GBM Resources Limited is a mineral exploration and development company focused on the discovery of world-class gold and copper deposits in Eastern Australia. The company has a high calibre project portfolio, hosting district scale mineral systems, located in a number of premier metallogenic terrains including the Drummond Basin, Mt Morgan district and the Mt Isa Inlier in Queensland, and the Malmsbury Project in the prolific Victorian Goldfields.
Accelerated exploration with a focus on delivering significant gold resources
GBM new business strategy aims to rapidly build resource bases via acquisition, recalculate resources and explore 100% of owned priority targets. To achieve these goals, GBM has already been working to ensure a significant infrastructure footprint is in place.
Gaining efficiency and developing new strategies
“These placements along with earlier placements in 2020, will result in GBM having in excess of $7.5 million (in cash and marketable securities on completion of the Offers and Placement) and will support GBMs’ strategy to accelerate development and exploration activities across our portfolio. The additional funds from the Shortfall Offer and the Placement, will provide a stronger financial base to maximise the efficiency of our development and exploration activities, by allowing some programs to grow to gain efficiencies and more time to develop strategies to maximise the value of our portfolio.”
Peter Rohner, GBM, Managing Director and CEO
Henslow looks forward to growing this new relationship with GBM as they continue their exploration of Mt. Coolon and beyond.
Want to discuss this transaction further? Get in touch with the Henslow team below.
