GCM Resources ( (GB:GCM) ) has issued an announcement.
GCM Resources plc has announced a conditional equity raise of approximately £1.0 million through the placement of 33,333,333 new ordinary shares at 3.0 pence each, a 16% discount to the previous closing price. The funds will provide working capital to support ongoing operations and strategic objectives, including the development of the Phulbari Coal and Power Project in Bangladesh, which is pending government approval. Despite generating no revenue and reporting a loss, the company sees positive momentum from government initiatives favoring domestic coal resource development, which could benefit its project.
More about GCM Resources
GCM Resources plc is an AIM-listed resource exploration and development company focused on the Phulbari Coal and Power Project in north-west Bangladesh. The company has identified a significant coal resource of 572 million tonnes, compliant with JORC 2004 standards, and aims to utilize advanced energy-efficient technology to support a 6,600MW power generation capacity. GCM is working towards securing government approval to develop the project, with a strategy to supply coal to Bangladesh’s existing and planned coal-fired power plants.
YTD Price Performance: 94.59%
Average Trading Volume: 2,451,770
Technical Sentiment Signal: Sell
Current Market Cap: £10.78M
Learn more about GCM stock on TipRanks’ Stock Analysis page.