GNM raises funds for gold drilling

  • Mining company Great Northern Minerals (GNM) has successfully completed its capital raising for $2.2 million 
  • The company has recently closed the second tranche of its placement, in which it issued just under 180 million new shares
  • Great Northern Minerals also issued over 133 million new listed placement options
  • As a result, the company has full funding to initiate more drilling at its three gold projects in North Queensland
  • Great Northern Minerals is steady today, trading for 0.8 cents per share.

Mining company Great Northern Minerals (GNM) has successfully completed its capital raising for $2.2 million.

The company closed the second tranche of its placement after receiving shareholder approval at a recent general meeting. In tranche two, GNM issued 179,999,874 new shares to investors, at 0.6 cents per share. 

The company also issued 133,366,917 new listed placement options. The options are exercisable at one cent each, on or before November 1, 2022. These options are also free attaching to the placement’s first and second tranches. 

GNM’s $2.2 million capital raising (before costs) included a pro-rata non-renounceable rights issue, which closed on April 23.

The company has also reported that it issued 30 million adviser new listed options on May 20, 2020. These options are exercisable at one cent each, on or before November 1, 2022. The options were one part of a total consideration for services rendered to the company through the placement.

Furthermore, GNM issued 21 million director new listed options, also exercisable at one cent each on or before November 1, 2022. The company obtained shareholder approval for the director options at its recent general meeting.

Great Northern Minerals now has full funding for further drilling at its three gold projects in Queensland’s north. In its market announcement, the company commented on the positive results of the capital raising. 

“Board and Management of Great Northern Minerals thank all participating shareholders, and welcome new shareholders to the register, as the company embarks on this very exciting stage of its growth,” the company stated.

“We look forward to updating all stakeholders as we progress the exploration plans for the North Queensland gold projects,” today’s announcement said. 

Great Northern Minerals is steady today, trading for 0.8 cents per share at 12:39 pm AEST.

Article by Elise Kelly from The Market Herald

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