Last checked at 28 Dec 2023 12:23
28 December 2023
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Suspension & Financial Update
Temporary Suspension
The Board regrets to inform shareholders that the Company is still in the process of completing its 2022-2023 audit; the delay is due to finalising an ongoing funding event. Therefore, as it will be unable to publish its audited financial statements for the year end 30 June 2023 by 31 December 2023, the Company's shares will therefore be temporarily suspended from trading on AIM. The suspension would occur from 7.30am on 2 January 2024.
The board of GCM expects to complete the audit and publish its audited annual results within the first three weeks of January, once it has completed the necessary funding process. The Company will provide updates on this as and when appropriate.
Update on the Drawdown Request on Existing Polo Resources Ltd Loan Facility
Further to the announcements the Company made on 28 November and 19 December 2023 in regard to the request of drawdown of £300,000 of 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 as a result is considering alternative funding.
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 |
|
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 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.