Greatland Gold raises £2.65m through Friday share placing

AIM-quoted explorer Greatland Gold said it had raised £2.65m through a placing and subscription of new ordinary shares in the company.

Greatland placed 212m new ordinary shares at 1.25p each to increase its cash balance to approximately £6m. Net proceeds will be used to accelerate exploration activity at its wholly-owned Havieron and Black Hills targets, as well as other prospects within Australia's Paterson region.

Each placing share came with an accompanying unlisted and non-transferrable warrant to subscribe for an additional ordinary share at a price of 2p at any point within the 12 months following the share's admission to trading.

"The additional funds raised will allow us to devote more resources to the Paterson region whilst continuing with our planned work at our other projects," said chief executive Gervaise Heddle.

Greatland shares were down 9.17% to 1.27p.