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GSC Secures £1.25m Funding to Progress Exploration
GSC Secures £1.25m Funding to Progress Exploration.
About this update from Great Southern Copper Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n26 June 2024\n \nGreat Southern Copper plc\n(\"GSC\" or the \"Company\")\n \n \nGSC Secures £1.25m Funding to Progress Exploration Work in Chile\n \n \nGreat Southern Copper plc (LSE: GSCU), the Company focused on copper-gold and lithium exploration in Chile, is pleased to announce a conditional placing and subscription (\"Placing and Subscription\" or \"Fundraising\") to raise £1.25m before expenses. The Fundraising was well supported by existing, institutional and new investors, with Directors also participating in the Placing and Subscription.\n \nHighlights:\n \n· Gross amount of £1.25m raised through the Placing and Subscription through the issue of 104,416,667 new ordinary shares of 1p each at £0.012 per share (\"Placing and Subscription Shares\"). The Placing and Subscription Shares represent 23% of the Company's enlarged issued share capital\n· The proceeds will primarily be used to fund:\no Exploration and drilling work focussed at the Especularita Project\no General working capital and administrative costs\n· Each Placing and Subscription Share will have one attached warrant exercisable at 3p for a period of 24 months from the date of admission to listing and to trading of the Placing and Subscription shares\n· As part of the Placing and Subscription, the Company's Directors and senior management intend to subscribe for 2,916,667 Placing and Subscription Shares\n· The fund-raise was carried out at £0.012, which represents a 20% discount to the 5 day VWAP\n \nRationale for Fundraising and Use of Proceeds\n \nThe proceeds from this Fundraising will be used to continue exploration work at the Company's Especularita project in Chile as it progresses its exciting targets through their drilling phases. Due diligence on the newly acquired Cerro Negro and Artemisa concessions has identified high priority drill targets that ...