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(Alliance News) - Greatland Gold PLC on Thursday said it has raised USD35 million via an "oversubscribed" placing of 362.9 million shares at 8.2 pence each.
On Wednesday, the London-headquartered mine developer and explorer focused on Western Australia announced a placing to raise USD30 million.
The issue price of 8.2p represents a 13% discount to the firm's closing price on Wednesday. Shares in Greatland were down 7.5% to 8.60p each in London on Thursday morning.
As part of the placing, Managing Director Shaun Day subscribed for 714,000 shares, worth USD585,480 and Chief Financial Officer Chris Toon subscribed for 71,400 shares, worth USD58,548.
Day is now interested in 1.1 million shares, a 0.024% stake, meanwhile Toon is interested in 181,400 shares, a 0.004% stake.
On Wednesday, Greatland said it intends to use the proceeds to fund the continued development of Havieron in conjunction with joint venture partner, Newcrest Mining Ltd.
By Sophie Rose; sophierose@alliancenews.com
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