Business
£1m funding for further Cu-Au Exploration in Chile
£1m funding for further Cu-Au Exploration in Chile.
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 \n15 May 2023\n \nGreat Southern Copper plc\n(\"GSC\" or the \"Company\")\n \n \nGSC secures £1m funding for further Cu-Au Exploration in Chile\n \n \nGreat Southern Copper plc (LSE: GSCU), the company focused on copper-gold exploration in Chile, is pleased to announce that it has arranged funding of £1,002,000 to finance its on-going exploration programmes in Chile through a placing and subscription and a convertible loan facility. The fundraising was oversubscribed, supported by existing, institutional, and new investors, with all the Directors of the Company participating in the placing.\n \nProceeds from this capital raising mean the Company is well funded for its on-going exploration programme in Chile. At Especularita, successful sampling work at the Teresita and Victoria prospects highlights the prospectivity of the area with high-grade copper identified in outcrops and artisanal mine dumps and the Company is looking forward to drill testing a number of high-grade Cu-Au prospects. The Company continues to advance its project-scale exploration for large-scale Cu-Au deposits at both Especularita and San Lorenzo.\n \nThe funding comprises:\n \nI. £501,000 raised through a conditional placing and subscription with existing and new investors (\"Placing and Subscription\"), resulting in the issue of 41,749,998 new ordinary shares of 1p each (\"New Shares\") at a subscription price of 1.2p, being a 17 per cent premium to the volume weighted average share price over the previous 20 trading days. The New Shares represent approximately 19.5 per cent of the Company's current issued share capital. Although the Placing and Subscription were oversubscribed, this is the maximum amount that the Company can currently raise, taking into account new ordinary shares already issued over the last 12 months, pursuant to its shareholder authorities and without having to publish a prospectus. Each New Share will have one attac...