GCM Resources Regulatory News (GCM)

29 January 2024

The following amendment has been made to the Subscription to raise £500,000 announcement released on 26 January 2024 at 10:19 under RNS No 0759B.

Under the paragraph titled Issue of Warrants the number of warrants issued has changed from 303,030 to 3,030,303.

All other details remain unchanged.

The full amended text is shown below:

GCM Resources plc

("GCM" or the "Company")

(AIM:GCM)

Subscription to raise £500,000

GCM Resources plc, an AIM quoted mining and energy company, announces that it has successfully raised gross proceeds of £0.5m by means of a direct subscription (the "Subscription") of new Ordinary Shares (the "Subscription Shares") at a price of 1.65 pence per share (the "Subscription Price"). The Company will need to carry out an additional fundraise before the end of May 2024 to fund its working capital for the next 12 months.

The Subscription Price represents a discount of 37.7 per cent to the Closing Price of 2.65 pence per Ordinary Share on 25 January 2024, being the latest practicable business day prior to the publication of this announcement.

The net proceeds of the Subscription will provide the Company with a source of general working capital to progress its existing projects.

Subscription summary

? The Subscription has raised £500,000 (before expenses) through the issue of 30,303,040 Subscription Shares at the Subscription Price.

? The Subscription Shares will represent 12.7 per cent. of the Enlarged Issued Share Capital.

? The net proceeds of the Subscription will be used to provide the Company with a source of general working capital to progress its existing projects.

The Subscription

The Company will issue 30,303,040 Subscription Shares, to raise gross proceeds of £500,000 to participants in the Subscription. The Subscription Shares will be admitted ("Admission") to trading on the AIM market ("AIM") of London Stock Exchange plc ("LSE") on or around 2 February 2024.

Subscription Information

The Subscription is conditional, inter alia, on Admission of the Subscription Shares to trading on AIM and the lifting of the suspension of trading in the Company's shares. The Subscription and issue of warrants (as detailed below) has been conducted utilising the Company's existing share authorities.

The Subscription Shares will be issued, credited as fully paid, and will rank pari passu with the existing Ordinary Shares in issue in the capital of the Company, including the right to receive all dividends and other distributions (if any) declared, made or paid on or in respect of such shares after the date of their issue.

Application has been made to the London Stock Exchange for, in aggregate, 30,303,040 new Ordinary Shares to be admitted to AIM. It is expected that Admission will become effective on 2 February 2024. Following Admission, the Company's enlarged issued share capital will comprise 237,825,076 Ordinary Shares with voting rights in the Company. As the Company holds no shares in treasury, this is the total number of the voting rights in the Company which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change in the interest, in the share capital of the Company under Chapter 5 of the FCA's Disclosure Guidance and Transparency Rules as reflected in the Company's articles of incorporation.

Issue of warrants

In addition, Allenby Capital Limited, who are acting as agent in respect of the Subscription, will be issued with 3,030,303 warrants to subscribe for new Ordinary Share at a price of 1.65 pence per Ordinary Share exercisable for a period of 3 years from Admission.

The Warrants will not be admitted to trading on AIM or any other stock market. The issuance of the warrants is subject to Admission.

Suspension and annual report

As announced on 28 December 2023, the Company's shares have been suspended from trading on AIM pending completion of an ongoing funding event and release of the Company's financial statements for the year end 30 June 2023. It is anticipated that the Company's delayed financial statements will be announced on 29 January 2024.

Further updates on the lifting of the suspension of trading in the Company's shares will be given in due course.

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:

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.