GBM secures funding for Drummond Basin drilling
PERTH (miningweekly.com) – Mineral explorer GBM Resources has entered into a funding package of up to A$10-million to fund exploration and mineral resource upgrades at its Drummond basin tenements, in Queensland.
The ASX-listed company has signed a binding term sheet for up to A$10-million through a secured convertible note instrument with wholesale investment management company Collins Street Asset Management.
The convertible note would have a three-year term and an interest rate of 10.5%, payable monthly in advance, and a conversion price of 8.75c. The first note will be issued under GBM’s current placement capacity, converting into 57.14-million shares in the company, with settlement expected in late September.
The first note will raise A$5-million before costs.
The settlement of the second note is subject to shareholder approval at the company’s annual general meeting in November.
Additionally, GBM on Friday announced that it had also received firm commitments to raise a further A$305 000 under a share placement, priced at 5c a share. The company is expected to issue 6.1-million shares under its existing placement capacity.
“This funding package, along with receivables and liquid securities provides GBM sufficient funds to continue to advance its flagship Drummond Basin gold project,” GBM MD and CEO Peter Rohner said.
“Key deliverables over the next 12 months include, continued value realisation of non-core assets and accelerated exploration in the Drummond basin by GBM to continue to substantial grow our Joint Ore Reserves Committee-compliant resource position.”
Funds raised will go towards accelerating the exploration drilling and resource expansion at Twin Hills, advancing the mineral resource estimate updates at Yandan, Illamahta and Twin Hills, initial feasibility work to assess resource extraction options, and advancing regional exploration targets.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















