LONDON (Alliance News) - GCM Resources PLC Tuesday said it is not aware of any reason for the recent surge in the company's share price, reiterating it remains focused on securing governmental approval to advance the next stage of development at its coal project in Bangladesh.
GCM shares were up 14% to 5.25 pence per share on Tuesday afternoon, 47% higher than its closing share price last Friday.
"The directors of GCM Resources... have noted the recent rise in the price of its shares. They are not aware of any disclosable price sensitive information in relation to the company which has not already been made public," said the company.
"The company remains wholly focused on pursuing the necessary approval from the government of Bangladesh for the Phulbari coal project to proceed with the next stage of development. The directors are confident that an agreement can be reached which satisfies the objectives of both the government and the company," GCM added.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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GCM Resources (GCM)