Strong demand sees Greatland raise $16m in fundraise

Mining development and exploration company Greatland Gold updated the market on the completion of its fundraise on Friday morning.

The AIM-traded firm said that, following strong demand in the bookbuild, the total gross proceeds increased to $16m (£11.9m), from the minimum amount of $10m.

A total of 82 million placing shares, subscription shares and retail shares were placed at a price of 14.5p each.

That price represented a discount of about 10.5% to the closing mid-market share price of the company's shares on 17 November.

“Application will be made for the new ordinary shares to be admitted to trading on the AIM market of the London Stock Exchange,” the board said in its statement.

“It is expected that Admission will become effective at commencement of trading on 24 November, and settlement is expected to take place on the same date on a T+3 basis.

“The fundraise is conditional upon admission becoming effective and the placing agreement not being terminated in accordance with its terms.”

At 1012 GMT, shares in Greatland Gold were down 5.56% at 15.12p.