RE: ----Fund Raise shenanigans21 Apr 2024 01:48
Thought I would summarise
14/6/23 placing £500,000 raise 20m 9.6% of new total 2.5p/share to GCM
the Company has completed a Gross equity fund raise of £500,000 by way of subscription for Ordinary Shares with Clear
Financial Statements
29
Capital Markets, at a price of 1.65p per share. At the date of this report the Company is not yet in receipt of these funds
...................bottom of p28/top of p29 Annual Report and Accounts 2023 referring to subscription 2/2/24
issued to clear capital clients 30.3m 12.7% of new total 1.65p/share to GCM
subscription 19/4/24 to raise £2m issued to Axiom Capital clients 30.7m 11.1% of new total 5.5p/share to GCM
over 12 month period £3m raised through 81m shares to grease the wheels at discounts of 41%, 37.7% and 24.6% representing 30% of new total at an average 3.7p. prior to approval.
2023 report; Financing – risk that the Company
will not be able to raise necessary
working capital to sustain its activities
ahead of presenting the Project
Proposal to the government or the
funding required to take the Project
through the government approval
process to implementation stage.
The former financing risk is off-set by
the Company’s track-record of being
able to raise funds through the equity
market. The latter financing risk is
offset by agreements in place with our
Development Partner, PowerChina,
whereby in return for being awarded
EOC Contracts, PowerChina has
expressed a willingness to assist
with project financing. The Directors
are confident that the necessary
funds will be obtained as and when
required. For further details refer to the
Directors’ Report.
https://www.gcmplc.com/sites/gcm-resources/files/2024-01/GCM_Resources_ARA_2023_Final_Glossy.pdf