Greatland Gold raises £6.7m in oversubscribed retail offer

13th Sep 2024 12:59

(Sharecast News) - Greatland Gold announced the successful closure of an oversubscribed retail offer on Friday, raising £6.7m in gross proceeds.

The AIM-traded firm said the offer closed at 1645 BST on 12 September, and was fully subscribed at a price of 4.8p per share.

It said the fundraising was part of a larger equity raising initiative launched on 10 September, which included a placing conducted by Canaccord Genuity and the separate retail offer via the PrimaryBid platform.

Following the announcement of the placing results on 11 September, the company reported strong investor interest leading to the oversubscription of the retail offer.

Subject to the passing of a resolution at the upcoming general meeting and the completion of the placing, Greatland Gold said it would issue and allot a total of 140,725,613 new shares to satisfy the retail offer.

Preference in allocation was given to existing shareholders of the company.

At 1242 BST, shares in Greatland Gold were up 4.83% at 5.43p.

Reporting by Josh White for Sharecast.com.