Greatland clarifies ASX listing progress after Australian press speculation

Mining company Greatland Gold responded to an article published in the Australian Financial Review on Tuesday, which suggested it had enlisted the services of Bank of America to facilitate its listing on the ASX.

It also reported that the company was aiming to raise between AUD 50m (£16.64m) and AUD 100m.

Greatland confirmed that it was making progress in preparing for its cross-listing on the ASX, as stated in an announcement on 2 May.

The AIM-traded firm said it was intending to complete the listing during the September quarter, subject to obtaining the necessary approvals.

It acknowledged that it had been evaluating the possibility of conducting an equity capital raising as part of the listing process.

Although preliminary discussions had taken place with investment banks, Greatland clarified that no decision had been made regarding a capital raising, nor had any investment bank been formally mandated in relation to the ASX listing.

“Greatland will keep shareholders informed on all material developments as it continues to evaluate and progress the ASX listing as and when required by AIM rules,” the company’s board said in its statement.

At 1155 BST, shares in Greatland Gold were down 9.52% at 7.6p.

Reporting by Josh White for Sharecast.com.