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An update from Gold Mountain Limited ( (AU:GMN) ) is now available.
Gold Mountain Limited announced the issuance of underwritten shortfall shares from its rights issue, with funds received from underwriter Jose Luis Manzano and the issuance of shares and options without shareholder approval. Magnus Capital SA, another underwriter, will subscribe for its shortfall component, subject to shareholder approval, which will increase its voting power in GMN to 21.53%. This announcement lifts the trading halt requested earlier, and a supplementary prospectus will be lodged to extend the current prospectus.
More about Gold Mountain Limited
Gold Mountain Limited (ASX: GMN) is a mineral exploration company focusing on rare earth elements (REE) with projects in Brazil and Papua New Guinea (PNG). The company is exploring a diverse range of tenements for lithium, nickel, copper, and gold, with significant assets in REE and niobium. In Brazil, Gold Mountain holds extensive REE and REE-niobium licenses in Bahia and Minas Gerais, as well as lithium projects in the eastern Brazilian lithium belt. In PNG, the company is advancing the Green River Project, which has shown promise with high-grade Cu-Au and Pb-Zn samples.
Technical Sentiment Signal: Sell
Current Market Cap: A$12.21M
For an in-depth examination of GMN stock, go to TipRanks’ Stock Analysis page.