GCM Resources completes £2m fundraising

London-based resource exploration and development company GCM Resources raised approximately £2.0m in gross proceeds, putting the company on a stronger footing to further the mine mouth plant proposal in Northern Bangladesh together with its strategic partner CGGC.

The new 5.813m shares were sold at an individual price of 34.4p each - for a 20% discount to the existing market price - and would rank 'pari passu' with the company's existing stock with dealings expected to begin at 08.00 GMT on 24.

The fundraising, which had been fully underwritten by a financial institution, was conducted solely through the PrimaryBid.com platform.

Datuk Michael Tang, executive chairman of GCM, commented: "We are delighted with the positive response we have received from both new and existing shareholders. The offer through PrimaryBid has enabled private shareholders to participate on the same terms as the institutions. The funds raised will put GCM in a strong position to further the mine mouth plant proposal in Northern Bangladesh together with our strategic partner CGGC."