GCM Resources PLC - Phulbari coal and power project in north-west Bangladesh - Agrees on a further extension of two years to its consultancy agreement with Bangladeshi-controlled company DG Infratech Pte Ltd. Under the agreement, DG will provide the company with advisory, management, lobbying and consultancy services. Agrees to pay a monthly retainer of GBP15,000, quarterly in arrears with the issuance of 363,636 shares at 4.125 pence per share.
"I am delighted to continue to engage the services of DG Infratech and look forward to working with them to drive significant progress in pursuit of our goals," Chief Executive Michael Tang states. "Our primary objective remains to deliver an impact project for the people of Bangladesh, providing low cost and sustainable electricity in the country," he explains.
Current stock price: 3.97 pence
12-month change: down 28%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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GCM Resources (GCM)