REG - GCM Resources PLC - Completion of Subscription & Lifting of Suspension

GCM ResourcesAnnouncement

01/02/2024 15:45

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RNS Number : 7618B  GCM Resources PLC  01 February 2024

1 February 2024

 

GCM Resources plc

("GCM" or the "Company")

(AIM:GCM)

 

Completion of Subscription and

 

Lifting of Suspension

 

GCM, an AIM quoted mining and energy company, announces that, further to the
announcement dated 26 January 2024, the subscription to raise gross proceeds
of £500,000 has been successfully concluded. The Company has therefore
requested the restoration of trading in the Company's securities on AIM, which
is expected to take place at 7.30am, 2 February 2024, with admission of the
subscription shares to follow at 8.00am on 2 February 2024.

 

The Company will need to carry out an additional fundraise before the end of
May 2024 to fund its working capital for the next 12 months.

 

 

 

This announcement contains inside information as defined in Article 7 of the
EU Market Abuse Regulation No 596/2014 and has been announced in accordance
with the Company's obligations under Article 17 of that Regulation.

 

 

For further information:

 

 GCM Resources plc          WH Ireland Ltd

 Keith Fulton               James Joyce

 Finance Director           James Bavister

 +44 (0) 20 7290 1630       Andrew De Andrade

                            +44 (0) 20 7220 1666
 GCM Resources plc
 Tel: +44 (0) 20 7290 1630
 info@gcmplc.com;

 

 

 

About GCM Resources

GCM Resources plc (LON:GCM), the AIM quoted mining and energy company, has
identified a high-quality coal resource of 572 million tonnes (JORC 2004
compliant) at the Phulbari Coal and Power Project (the "Project") in
north-west Bangladesh.

 

Utilising the latest highly energy efficient power generating technology the
Phulbari coal mine can support some 6,600MW. GCM requires approval from the
Government of Bangladesh in order to develop the Project. The Company has a
strategy of linking the Company's mine proposal to supplying coal to the
Government of Bangladesh's existing and in the pipeline coal-fired power
plants and / or power plants developed development partners. Together with
credible, internationally recognised strategic development partners, GCM aims
to deliver a practical power solution to provide the cheapest coal-fired
electricity in the country, in a manner amenable to the Government of
Bangladesh.

 

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