Greatland Gold's cash position strengthens to £4m

Greatland Gold, the precious and base metals exploration and development company, reported on Monday an accumulated cash balance of approximately £4m as at 27 October 2017.

That cash balance, according to the company, was the result of monies already held by the company, a placing of shares totalling £750,000 as announced on 20 September 2017, and the receipt of approximately £2.5m in cash from recent warrant conversions.

On 24 October 2017, Greatland said it had successfully raised £1.4m of new equity during the financial year ended on 30 June and a further £1.7m since the close of the 2017 financial year, despite having incurred in a loss for the full 2017 financial year of £1.3m, to advance current projects and take advantage of the "exciting opportunities" it believed existed "in the market at this time".

As a result of the company's strengthened financial position, the board commenced a thorough review of all of its exploration programmes and budgets for 2018 and 2019, and was of the view that the funds would "facilitate a step change in the scale of exploration campaigns and the company's key projects".

Gervaise Heddle, chief executive officer, commented: "The encouraging results from our recent exploration work give us great confidence in our strategy of targeting under-explored areas with significant potential to host sizeable, high quality mineral deposits.

"Our strengthened cash position means we can aggressively pursue comprehensive and sustained exploration campaigns across all of our key projects over the next two years."