Greatland Gold PLC (AIM:GGP, OTC:GRLGF) believes investment from Tribeca Investment Partners is a “tremendous endorsement” for the Havieron project in Western Australia..
Shaun Day, managing director of Greatland Gold told Proactive that “Tribeca came in as a cornerstone investor, and we’re wrapped to have them on board as a very meaningful shareholder.”
“Their involvement is a tremendous endorsement for the asset and the team, but I think it’s also a great demonstration to other funds in the market.”
“It gives others the confidence to come in as well, and I think their involvement was really critical to the success we had with this process.”
Where Day was slightly disappointed, however, was the inability to involve retail investors in the fundraiser.
UK prospectus legislation dictates that firms can only offer up to €8mln of equity over a 12 month-cycle, with the firm having done this last October.
Aussie fund manager Tribeca is putting up US $13.8mln of the new cash and it has agreed to provide US$27.6mln of additional funding to finance the development costs of Havieron.