Greatland Gold PLC (LON:GGP) has raised £2.65mln of new ‘strategic’ financing to allow an acceleration of exploration efforts at the Havieron and Black Hills prospects in Australia.
It is issuing some 212mln new shares priced at 1.25p each.
WATCH: Greatland Gold raises £2.65mln to advance Havieron and Black Hills exploration
With the completion of the funding, Greatland will increase its cash balance to £6mln (over A$10mln).
"The funds raised will strengthen our capacity to accelerate exploration at both the Havieron and Black Hills targets following our excellent exploration results in recent months,” said Gervaise Heddle, Greatland chief executive.
"We are delighted to get new investment into the Company and I would like to thank our new and existing shareholders for their support.
Heddle added: “It has been a fruitful year to date for Greatland and the additional funds raised will allow us to devote more resources to the Paterson region whilst continuing with our planned work at our other projects.
“We look forward to updating the market on our progress."