REG - Great Southrn.Copper - GSC Secures £1.25m Funding to Progress Exploration

Great Southern CopperAnnouncement

26/06/2024 09:00

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RNS Number : 9520T  Great Southern Copper PLC  26 June 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

26 June 2024

 

Great Southern Copper plc

("GSC" or the "Company")

 

 

GSC Secures £1.25m Funding to Progress Exploration Work in Chile

 

 

Great Southern Copper plc (LSE: GSCU), the Company focused on copper-gold and
lithium exploration in Chile, is pleased to announce a conditional placing and
subscription ("Placing and Subscription" or "Fundraising") to raise £1.25m
before expenses. The Fundraising was well supported by existing, institutional
and new investors, with Directors also participating in the Placing and
Subscription.

 

Highlights:

 

·    Gross amount of £1.25m raised through the Placing and Subscription
through the issue of 104,416,667 new ordinary shares of 1p each at £0.012 per
share ("Placing and Subscription Shares"). The Placing and Subscription Shares
represent 23% of the Company's enlarged issued share capital

·    The proceeds will primarily be used to fund:

o  Exploration and drilling work focussed at the Especularita Project

o  General working capital and administrative costs

·    Each Placing and Subscription Share will have one attached warrant
exercisable at 3p for a period of 24 months from the date of admission to
listing and to trading of the Placing and Subscription shares

·    As part of the Placing and Subscription, the Company's Directors and
senior management intend to subscribe for 2,916,667 Placing and Subscription
Shares

·    The fund-raise was carried out at £0.012, which represents a 20%
discount to the 5 day VWAP

 

Rationale for Fundraising and Use of Proceeds

 

The proceeds from this Fundraising will be used to continue exploration work
at the Company's Especularita project in Chile as it progresses its exciting
targets through their drilling phases. Due diligence on the newly acquired
Cerro Negro and Artemisa concessions has identified high priority drill
targets that will be the primary use of these funds.  In addition, having
confirmed high grade Cu-Au results at the Teresita and Victoria prospects that
validated target models, the Company is now aggressively advancing its
follow-up exploration of these systems. Furthermore, the Company's Aurelia
copper-gold prospects are moving towards drill-ready status.

 

Sam Garrett, Chief Executive Officer of Great Southern Copper, said: "We are
pleased to have completed a successful fundraising which will provide us with
additional capital to progress our exploration work, particularly at
Especularita where we aim to commence drilling shortly at our highly
prospective targets.

 

"The growing excitement around the Company's prospects and general copper/gold
sentiment continue to run counterpart to the struggling junior capital
markets.  Despite these ongoing headwinds we are delighted to have raised
these funds with the addition of a number of new participants to the register
and the ongoing key support of our long-term existing investors. This clearly
demonstrates the strength of our project portfolio and the Board's confidence
in the Company's direction.

 

"The next 6-12 months will be an exciting time for the Company and its
projects in Chile and we look forward to updating investors on our progress in
due course."

 

Appointment of Joint Broker

The Company is also pleased to announce that it has appointed Capital Plus
Partners as joint broker alongside SI Capital Limited following their
assistance on the funding.

 

Admission and Total Voting Rights

Application will be made for the 104,416,667 Placing and Subscription Shares,
which will rank pari passu in all respects with the existing ordinary shares
in the Company, to be admitted to listing on the standard listing segment of
the Official List of the FCA and to trading on the London Stock Exchange plc's
("London Stock Exchange") main market for listed securities ("Main Market"),
which is expected to occur at 8.00 a.m. on or around 28 June 2024.

 

Following Admission of the Placing and Subscription Shares, the total number
of ordinary shares and voting rights in the Company will be 448,212,807. The
above figure may be used by shareholders in the Company as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the share capital of the
Company under the FCA's Disclosure and Transparency Rules.

 

Enquiries:

 

 Great Southern Copper plc
 Sam Garrett, Chief Executive Officer      +44 (0) 20 4582 3500

 SI Capital Limited
 Nick Emerson                              +44 (0) 1483 413500

 Capital Plus Partners
 Keith Swann                               +44 (0) 203 8216167

 Gracechurch Group
 Harry Chathli, Alexis Gore, Henry Gamble  +44 (0) 20 4582 3500

 

Notes for Editors:

 

About Great Southern Copper

 

Great Southern Copper PLC is a UK-listed mineral exploration Company focused
on the discovery of copper-gold and lithium deposits in Chile. The Company has
the option to acquire rights to 100% of two projects in the under-explored
coastal belt of Chile that are prospective for large scale copper-gold
deposits. In addition, the Company has the option to acquire rights to 100% of
a lithium project located in the Salar de Atacama district of Chile. Chile is
a globally significant mining jurisdiction being the world's largest copper
producer and the second-largest producer of lithium.

The two, early-stage Cu-Au projects comprise the Especularita Projects and San
Lorenzo, both located in the coastal metallogenic belt of Chile which hosts
significant copper mines and deposits, including Teck's Carmen de Andacollo
copper mine, and boasts excellent access to infrastructure such as roads,
power and ports. Significant historical small-scale and artisanal workings for
both copper and gold are readily evident in both exploration project areas.

 

The Company's Monti Lithium project is strategically located in the pre-Andean
region of Salar de Atacama which is Chile's premier lithium-producing region
with well-established lithium mining operations and infrastructure.

 

Great Southern Copper is strategically positioned to support the global market
for copper and lithium - both critical battery metals in the clean energy
transition around the world. The Company is actively engaged in exploration
and evaluation work programmes targeting both large tonnage, low to medium
grade Cu-Au and Li deposits as well as high-grade Cu-Au deposits.

 

Further information on the Company is available on the Company's website:
https://gscplc.com (https://gscplc.com)

 

 

 

 

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