Last checked at 31 Jan 2022 14:58
31 January 2022
GCM Resources plc
("GCM" or the "Company")
Financing Update
GCM Resources plc (LON: GCM), an AIM quoted mining and energy company, announced its final results on 22 December 2021, in which it noted that the Company's forecasts indicated that additional funding will need to be either raised from third parties or drawn down under the short-term loan facility with Polo Resources Limited ("Polo Loan Facility") by the end of January 2022, in order to meet current operating cost projections.
The Company can update it is in discussions regarding securing the necessary funding to support its ongoing working capital needs albeit there is no certainty such discussions will be successful. The Company retains the option of utilising a final drawdown of £300,000 on the Polo Loan Facility available as necessary in the event other funding is not forthcoming and such funding if utilised would provide sufficient funds until at least April 2022.
Further updates on progress will be provided as and when appropriate.
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
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WH Ireland Ltd James Joyce Andrew De Andrade +44 (0) 20 7220 1666 |
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GCM Resources plc | |||
Tel: +44 (0) 20 7290 1630 | |||
info@gcmplc.com; www.gcmplc.com | |||
About GCM Resources
GCM Resources plc (LON: GCM), an 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 is capable of supporting power plants of up to 6,000MW. GCM is awaiting approval from the Government of Bangladesh to develop the Project. The Company has a strategy of combining the Company's mine proposal with up to 6,000MW of power generation, together with credible, internationally recognised strategic 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.