Greatland Gold PLC (LON:GGP) has raised around £4.2mln from institutional and high net worth investors to advance exploration targets in the Paterson region of Western Australia.
The metals explorer said it had raised the funds through the placing of around 225.8mln new shares at a price of 1.85p each, a 1.6% premium on its close price of 1.82p last Friday.
READ: Greatland Gold glistens as Newcrest's drilling at Havieron confirms high-grade mineralisation
The firm also issued around 225.8mln warrants to subscribe for another 225.8mln shares at a price of 2.5p each within 24 months.
Gervaise Heddle, Greatland’s chief executive, said the support from investors was indicative of the company’s “significant progress” over the last 12 months, adding that the new funds would be used initially to advance the group’s Scallywag target as well as several other high-priority areas identified at its Paterson Range East licence.
“With the advancement of our exploration programme, alongside the excellent first drill results from Newcrest at Havieron, Greatland is moving forward apace on multiple fronts and we look forward to providing further updates on our progress", the CEO added.
In late-morning trading on Monday, Greatland’s shares were 0.2% lower at 1.8p.