Last checked at 6 Jan 2021 07:00
6 January 2021
GCM Resources plc
("GCM" or the "Company")
Resignation of Nominated Advisor and Broker
Update on Nominated Advisor and Broker Appointment
Suspension of Trading on AIM
GCM Resources plc (LON:GCM), an AIM quoted mining and energy company, announces that, further to the Company's announcement on 4 December 2020, the Company regrets to announce that it has not been able to finalise the appointment of a replacement Nominated Adviser, following Strand Hanson Limited's resignation as Nominated Adviser and Broker to the Company, which took effect this morning.
Accordingly, pursuant to Rule 1 of the AIM Rules for Companies, the Company's shares will be suspended from trading on AIM, effective from 7.30 a.m. today.
If the Company fails to secure a replacement Nominated Adviser, within one month from today, admission of the Company's shares to trading on AIM will be cancelled.
Update on Nominated Advisor and Broker Appointment
The Company confirms it has made significant process on the required Due Diligence with the prospective Nominated Advisor and Broker and is confident of shortly appointing a new Nominated Advisor. The Company will further update the market as soon as it is possible so to do.
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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Strand Hanson Limited Nominated Adviser and Broker Stuart Faulkner Rory Murphy James Dance +44 (0) 20 7409 3494 |
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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), 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 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 electricity in the country, in a manner amenable to the Government of Bangladesh.