REG - GCM Resources PLC - Suspension & Financial Update

GCM ResourcesAnnouncement

28/12/2023 12:30

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RNS Number : 0993Y  GCM Resources PLC  28 December 2023

28 December 2023

 

GCM Resources plc

("GCM" or the "Company")

(AIM:GCM)

 

Suspension & Financial Update

 

Temporary Suspension

 

The Board regrets to inform shareholders that the Company is still in the
process of completing its 2022-2023 audit; the delay is due to finalising an
ongoing funding event. Therefore, as it will be unable to publish its audited
financial statements for the year end 30 June 2023 by 31 December 2023, the
Company's shares will therefore be temporarily suspended from trading on AIM.
The suspension would occur from 7.30am on 2 January 2024.

 

The board of GCM expects to complete the audit and publish its audited annual
results within the first three weeks of January, once it has completed the
necessary funding process. The Company will provide updates on this as and
when appropriate.

 

 

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

 

Further to the announcements the Company made on 28 November and 19 December
2023 in regard to the request of drawdown of £300,000 of 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 as a result is considering alternative
funding.

 

 

 

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.

 

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