Great Boulder Resources Secures AU$40 Million in Two-Tranche Placement; Shares Up 19%

MT Newswires Live

May 05

Great Boulder Resources (ASX:GBR) secured firm commitments to raise AU$40 million from institutional and sophisticated investors through a two-tranche placement, issuing around 470.6 million shares at AU$0.085 each, representing a discount of nearly 14% to its 10-day volume-weighted average price, according to a Tuesday filing with the Australian bourse.

The first tranche is expected to raise about AU$12.4 million from 145.5 million shares, while the second tranche aims to generate around AU$27.6 million from 325.1 million shares, subject to shareholder approval, the filing said.

The funds will be used to support the company's acquisition of the Peak Hill gold project from Aragon Resources, a wholly owned subsidiary of Westgold Resources (ASX:WGX), the filing added.

The company's shares jumped 19% in recent Tuesday trade.

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