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GBM Resources Limited ( (AU:GBZ) ) has issued an update.
GBM Resources Limited announced a strategic repositioning involving a two-tranche placement to raise A$13.0 million, a board restructure, and the termination of a farm-in agreement with Wise Walkers Limited. The capital raised will enable GBM to repay its convertible debt, resulting in a debt-free balance sheet, and fund extensive exploration activities in the Drummond Basin. The board changes bring experienced leadership to the company, and Wise Walkers Limited has increased its stake, becoming a cornerstone investor with a 19.99% ownership. These developments position GBM to advance its gold exploration projects and potentially enhance its market standing.
More about GBM Resources Limited
GBM Resources Limited is a company in the mining industry, focusing on the exploration and development of gold assets. The company primarily operates in the Drummond Basin, with projects such as Twin Hills and Yandan, which collectively host significant JORC Mineral Resources of gold.
Average Trading Volume: 14,500,953
Technical Sentiment Signal: Sell
Current Market Cap: A$26.9M
For a thorough assessment of GBZ stock, go to TipRanks’ Stock Analysis page.