(Alliance News) - GCM Resources PLC on Friday said its nominated advisor and broker Strand Hanson Ltd has resigned, effective January 6, 2021.
The London-based mining and energy company said it is in discussions with a potential replacement nominated adviser and broker and is currently undergoing the due diligence process with the potential party, aiming to complete the process before January 6.
Shares in GCM Resources were down 22.5% at 9.50 pence in London on Friday.
GCM Resources also announced that it has agreed to an extension of the memorandum of understanding for a period of six months to June 6, 2021 as requested by Power Construction Corp of China Ltd.
The company said this is to enable PowerChina to have a higher participation in the Phulbari Coal and Power project in North-West Bangladesh as part of the mine mouth integrated power plants, and will enable it to continue towards a strategic partnership to jointly develop the proposed high grade coal resource of 572 million tonnes.
By Zoe Wickens; zoewickens@alliancenews.com
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GCM Resources (GCM)