(Alliance News) - Greatland Gold PLC on Monday said it has raised GBP4.2 million to go towards work on "key" exploration targets in the Paterson region on Western Australia.
Greatland placed 225.8 million new shares at 1.85 pence each, and also issued a warrant alongside each new share, exercisable at 2.5p within two years. Shares were up 0.4% on Monday morning in London at 1.83p.
The funds, Greatland said, came from both current shareholders as well as new institutional and "high net worth" investors.
Chief Executive Gervaise Heddle said: "We are delighted with the support shown from our current shareholders and welcome a number of new institutional and high net worth investors to our register. Their support is indicative of the significant progress Greatland has made over the last 12 months and our strategic position in the highly prospective Paterson region, where we believe there are multiple potential tier-one opportunities present.
"Our 2019 exploration programme has presented some exciting results to date, which led to the decision to ramp up our exploration activities, particularly in the Paterson region. The funds raised will initially be used to advance our Scallywag target and several high-priority targets recently identified at our Paterson Range East licence," Heddle continued.
"With the advancement of our exploration programme, alongside the excellent first drill results from Newcrest at Havieron, Greatland is moving forward apace on multiple fronts and we look forward to providing further updates on our progress."
Greatland Gold (GGP)