Last checked at 20 Dec 2023 09:11
20 December 2023
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Financial Update
Update on the Drawdown Request on Existing Polo Resources Ltd Loan Facility
Further to the announcement the Company made on 28 November 2023 in regard to the request of further drawdown of £300,000 of to the Loan Facility with Polo Resources Ltd ("Polo") as announced on 26 March 2021 and as amended and announced on 3 March 2022, the Company updates it is still awaiting receipt of the drawdown funds, and will confirm via a further announcement on receipt of the funds.
The Company on receipt of this further drawdown will have then utilised the full £3.5million of the £3.5million facility. Funds from this current drawdown are required by the end of December 2023 to provide the company with working capital into the new year.
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.
For further information:
GCM Resources plc Keith Fulton Finance Director +44 (0) 20 7290 1630 | WH Ireland Ltd James Joyce Andrew De Andrade +44 (0) 20 7220 1666 |
GCM Resources plc |
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Tel: +44 (0) 20 7290 1630 |
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info@gcmplc.com; www.gcmplc.com |
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About GCM Resources
GCM Resources plc (LON:GCM), the AIM listed mining and energy company, has identified a high-quality coal resource of 572 million tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project (the "Project") in north-west Bangladesh.
Utilising the latest highly energy efficient power generating technology the Phulbari coal mine can support some 6,600MW. GCM requires approval from the Government of Bangladesh in order to develop the Project. The Company has a strategy of linking the Company's mine proposal to supplying coal to the Government of Bangladesh's existing and in the pipeline coal-fired power plants and / or power plants developed development partners. Together with credible, internationally recognised strategic development partners, GCM aims to deliver a practical power solution to provide the cheapest coal-fired electricity in the country, in a manner amenable to the Government of Bangladesh.