GBM Resources (ASX:GBZ)

GBM Resources (ASX:GBZ) Raises $7.4m via Placement

Henslow and Taylor Collison acted as Joint Lead Managers to raise $7.4m for GBM Resources. Funds raised will be used to continue GBM's aggressive exploration and ground acquisition strategy in the highly prospective Drummond Basin. GBM Resources is a gold exploration and development company with 1.5Moz 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 @ 1.5 g/t Au), Yandan (521koz @ 0.8 g/t Au), Twin Hills (633koz @ 2.8 g/t Au), Malmsbury Project 50% JV with Novo Resources for highly prospective “Fosterville style” gold target in Victorian goldfield and the White Dam (100% cashflow generating gold copper heap leach operation).

A key player with a focus on delivering significant gold resources.

GBM Resources 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.

The Highlights

  • $7.4m

    recently raised

  • $19.6m

    raised to date

  • 3

    raises

Unearthing discoveries through increased capital

This is the third capital raise Henslow has advised GBM and we look forward to further strengthening our relationship as they continue to progress drilling activities with assay results for recent drilling at Glen Evan due over the coming months.

Timeline


July 2020

$5.7m Entitlement Offer & Placement

October 2020

$6.5m Capital Raise

September 2021

$7.4m Capital Raise

We are pleased with the level of support from our existing shareholders for the Offer and also for the strong interest shown by new investors to our investment proposition and our progress to date. These placements along with earlier placements in 2020, will result in GBM having an excess of $7.5 million (in cash and marketable securities on completion of the Offers and Placement) and will support our strategy to accelerate development and exploration activities across our portfolio.

Peter Rohner, MD and CEO of GBM Resources