Proceeds of offering will move Bullabulling project toward production
By Devika Patel
Knoxville, Tenn., Nov. 11 - GGG Resources plc said it will complete a private placement of shares.
The company will sell 63,829,781 ordinary shares at 11.75p per share for £7.5 million. The price per share is a 12.96% discount to the Nov. 10 closing share price of 13.5p.
Proceeds will enable the company to progress its Bullabulling project toward production, targeted for the first quarter of 2013; to strengthen the company's balance sheet; and to fund future exploration drilling.
GGG is a mining exploration company based in Manchester, England.
| Issuer: | GGG Resources plc
|
| Issue: | Ordinary shares
|
| Amount: | £7.5 million
|
| Shares: | 63,829,781
|
| Price: | 11.75p
|
| Warrants: | No
|
| Pricing date: | Nov. 11
|
| Stock symbol: | London: GGG
|
| Stock price: | 13.25p at close. Nov. 11
|
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