GCM Resources raises GBP1.0 million in discounted placing

(Alliance News) - GCM Resources PLC shares fell on Friday as it said it has conditionally raised GBP1.0 million in a discounted placing.

GCM is a mining company focused on the Phulbari coal and power project in Bangladesh.

The firm said it has raised GBP1.0 million via a placing of 16.7 million new shares at 6.00 pence each.

The issue price represents a 20% discount to the closing price of 7.50p on Thursday.

Shares in GCM Resources were down 19% at 6.50p on Friday morning in London.

GCM Resources said the net proceeds from the placing are intended to to be used for working capital purposes. This includes corporate overheads, legal and advisory costs, and general administrative expenses.

The firm noted that there has been a "noticeable shift of momentum" in favour of the use of natural resources within Bangladesh.

"With the up and coming national elections in February 2026 in Bangladesh, there are strong indications which began with the initiatives led by the Ministry for Power, Energy and Mineral Resources focusing on strategies and challenges related to the country's coal-based energy sector in March 2025, that an incoming government will be seriously considering developing its domestic coal and other natural resources. While this offers no certainty in relation to the [Phulbari project], this bodes well for the company," GCM Resources said.

By Michael Hennessey, Alliance News reporter

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