Following the rapid development of its northern Queensland gold projects, GNM has banked $3 million oversubscribed Placement to continue the extensive exploration of new targets in the new year.
Establishing a new goldfield in the sunshine state, Great Northern secured three projects with a historical output of grades of gold just shy of 2 grams per tonne and looked to advance exploration targets to the 600 thousand ounces defined at each of the trios.
The funds are to continue testing high-grade zones at the Golden Cup project and systematic drill testing of the Camel Creek gold project, where the gold-focused explorer recently hit mineralisation in all 10 diamond drill holes. While it was disappointing to raise funds at this level, the company said it was necessary to continue striking while the gold was hot.
“With a number of milestones scheduled for early 2022, it is important that we are set to continue on from a very active 2021,” managing director Cameron McLean said. “The board would like to thank our shareholders for their continued support and thanks and welcomes new shareholders to the company.”
Under the Placement, the company will raise $3,000,000 (before costs) and issue a total of 500,000,000 new shares to sophisticated and professional investors at $0.006 per share (“Placement Shares”). The Placement Shares will be issued on the same terms and will rank equally in all respects with the company’s existing fully paid ordinary shares.
The Placement will be completed in two tranches (being the Tranche 1 Placement and Tranche 2 Placement) as set out below:
Tranche 1 Placement: The first tranche will be for an issue of 300,000,000 Placement Shares
Tranche 2 Placement: The second tranche, which is conditional upon the company obtaining shareholder approval, will be for the issue of: 200,000,000 Placement Shares; and 40,000,000 Broker Options.
GNM’s Australian Stock Exchange-listed price is trading at .7c (5:15 am UTC+8 hours)