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Greatland Gold PLC on Thursday said it has raised $35 million via an ‘oversubscribed’ placing of 362.9 million shares at 8.2 pence each.
On Wednesday, the London-headquartered mine developer and explorer focused on Western Australia announced a placing to raise $30 million.
The issue price of 8.2p represents a 13% discount to the firm's closing price on Wednesday. Shares in Greatland were down 7.5% to 8.60p each in London on Thursday morning.
As part of the placing, Managing Director Shaun Day subscribed for 714,000 shares, worth $585,480 and Chief Financial Officer Chris Toon subscribed for 71,400 shares, worth $58,548.
Day is now interested in 1.1 million shares, a 0.024% stake, meanwhile Toon is interested in 181,400 shares, a 0.004% stake.
On Wednesday, Greatland said it intends to use the proceeds to fund the continued development of Havieron in conjunction with joint venture partner, Newcrest Mining Ltd.
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