REG - GCM Resources PLC - Financial Update

GCM ResourcesAnnouncement

20/12/2023 09:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231220:nRST4589Xa&default-theme=true

RNS Number : 4589X  GCM Resources PLC  20 December 2023

20 December 2023

 

GCM Resources plc

("GCM" or the "Company")

(AIM:GCM)

 

Financial Update

 

Update on the Drawdown Request on Existing Polo Resources Ltd Loan Facility

 

Further to the announcement the Company made on 28 November 2023 in regard to
the request of further drawdown of £300,000 of to the Loan Facility with Polo
Resources Ltd ("Polo") as announced on 26 March 2021 and as amended and
announced on 3 March 2022, the Company updates it is still awaiting receipt of
the drawdown funds, and will confirm via a further announcement on receipt of
the funds.

 

The Company on receipt of this further drawdown will have then utilised the
full £3.5million of the £3.5million facility. Funds from this current
drawdown are required by the end of December 2023 to provide the company with
working capital into the new year.

 

 

 

 

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                                         Andrew De Andrade

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

 

 

 

About GCM Resources

GCM Resources plc (LON:GCM), the AIM listed 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFESSUSEDSEFE