Placing to raise GBP7.5 million
November 11 2010 - 2:00AM
UK Regulatory
TIDMGGG
GGG Resources plc
(the "Company" or "GGG")
Placing of new ordinary shares to raise GBP7.5 million
London 11 November 2010
GGG Resources plc ("GGG" or the "Company") is pleased to announce that it has
conditionally placed 63,829,781 new ordinary shares (the "Placing Shares") at a
price of 11.75 pence per share to raise gross proceeds of GBP7.5 million (the
"Placing").
The Company has a 50% interest in the Bullabulling project, a former open pit
gold mine located in Western Australia currently with an inferred gold resource
of 1.98m ounces. The net proceeds of the Placing will enable the Company to
continue to progress Bullabulling towards production, targeted for the first
quarter of 2013; to strengthen the Company's balance sheet; and to fund future
exploration drilling outside of the 2km mining feasibility study area.
The Placing Shares will rank pari passu in all respects with the Company's
existing ordinary shares in issue. The Placing has been conditionally placed
with institutional and other investors by Collins Stewart Europe Limited.
Application has been made to London Stock Exchange plc for the Placing Shares
to be admitted to trading on AIM ("Admission"), with Admission expected to
occur on 16th November 2010. Following Admission, the total number of shares in
issue will be 290,847,781.
PeterRuxton, Chairman, comments:
"We are delighted with the interest shown in the Placing, which was
oversubscribed, and has resulted in us adding an impressive list of new
institutional shareholders to the register. The fund raising puts the Company
on a firm financial footing as it looks to take Bullabulling through to
anticipated gold production in early 2013."
Enquiries,please contact:
Dr. Jeffrey Malaihollo Westhouse Securities Limited (Nominated Adviser)
Tel: 01992 531820 Tim Metcalfe / Martin Davison
Email: www.gggresources.com Tel: 020 7601 6100
Gresham PR Collins Stewart Europe Limited (Broker)
Neil Boom John Prior / Adam Miller
Tel: 07866 805 108 Tel: 020 7523 8350
Collins Stewart Europe Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting as placing agent to GGG
Resources PLC and is acting for no-one else in connection with the Placing and
will not be responsible to anyone other than GGG Resources PLC for providing
the protections afforded to clients of Collins Stewart Europe Limited nor for
providing advice in connection with the Placing or any other matter referred to
herein.
END
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