GCM Resources has raised around £1.25 million through a placing priced at 8.2p a share, giving the AIM-traded developer fresh working capital as it continues work on its Phulbari Coal and Power Project in Bangladesh.
The company will issue 15.24 million new shares, with the price pitched at an 18% discount to 10p (the closing bid price on 9 February).
GCM said the net proceeds will be used to support ongoing operations, including corporate overheads and legal and advisory costs.
In London, accounting for dilution, GCM shares were on the back foot, falling just over 8%, changing hands at 9.19p.