GCM Resources Plc

GCM

GB00B00KV284

Coal

Market Closed - London S.E. Other stock markets 09:05:23 12/06/2024 pm IST			5-day change	1st Jan Change
5.25 ^GBX	0.00%		-4.55%	+98.11%

16/04	GCM Resources raises GBP2.0 million via direct subscription	AN
16/04	GCM Resources Raises GBP2 Million to Advance Coal, Power Project in Bangladesh	MT

GCM Resources shares drop on discounted GBP500,000 placing

June 14, 2023 at 01:40 pm IST

(Alliance News) - GCM Resources PLC on Wednesday said it has raised GBP500,000 through a placing, and will need to carry out an additional fundraise before the end of the year.

The resource exploration and development company is focused on the Phulbari coal and power project in north-west Bangladesh.

GCM said it has raised GBP500,000 through a placing of 20.0 million new shares, priced at 2.5 pence per share.

GCM said the placing price represents a 41% discount to the closing price of 4.25p on Tuesday.

Shares in the company plunged 40% to 2.53 each in London on Wednesday morning.

GCM said the net proceeds of the placing are for "general working capital purposes."

Looking ahead, the company said it will need to carry out an additional fundraise before the end of 2023 to fund its working capital into 2024.

By Sophie Rose, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Latest news about GCM Resources Plc

GCM Resources raises GBP2.0 million via direct subscription	16/04	AN
GCM Resources Raises GBP2 Million to Advance Coal, Power Project in Bangladesh	16/04	MT
EARNINGS: AdvancedAdvT hails "good progress" after Capita deal	02/04	AN
GCM Resources Plc Reports Earnings Results for the Half Year Ended December 31, 2023	28/03	CI
PowerChina Inks 7.07 Billion Yuan Mine Construction Deal With UK's GCM Resources	27/03	MT
GCM Resources Plc Appoints Paul Shackleton and Charlie Green to the Board as Independent Non-Executive Directors	25/03	CI
GCM Resources, PowerChina Enter $1 Billion Construction Deal for Bangladesh Coal Mine	11/03	MT
AIM WINNERS & LOSERS: LoopUp plots AIM exit; Zenova hails marine win	11/03	AN
GCM Resources shares surge on Phulbari coal and power project deal	11/03	AN
GCM Resources Plc Announces Phulbari Coal Mining Infrastructure Construction and Overburden Stripping Contract	11/03	CI
GCM identifies target for new non-exec chair	29/02	AN
GCM Resources chair to resign after largest shareholder request	02/02	AN
GCM Resources Plc Announces Resignation of Christian Taylor-Wilkinson as Independent Non-Executive Chairman, Effective 28 February 2024	02/02	CI
Live Co stalls results; GCM requests suspension lift	02/02	AN
GCM Resources pretax loss narrows, expenses decline	29/01	AN
Earnings Flash (GCM.L) GCM RESOURCES Posts FY23 Loss GBX-0.70	29/01	MT
GCM Resources Plc Reports Earnings Results for the Full Year Ended June 30, 2023	29/01	CI
GCM Resources raises GBP500,000 via direct subscription	26/01	AN
GCM Resources Plans Fundraising for Working Capital	26/01	MT
GCM Resources claims progress on funding and annual results	20/01	AN
UK's GCM Resources Shares Set for Suspension Amid Delay in FY23 Audit; Stock Drops	28/12	MT
GCM Resources shares to be suspended following audit delay	28/12	AN
Gcm Resources plc Provides Update on the Drawdown Request on Existing Polo Resources Ltd Loan Facility	28/12	CI
GCM Resources Plc Provides Financial Update	20/12	CI
Tintra seeks cancelling shares; GCM extends accord	29/11	AN

GCM Resources plc is a United Kingdom-based mining and energy company. The Company is engaged in the development of the Phulbari Coal and Power Project (the Project) in north-west Bangladesh. The Phulbari Coal and Power Project is located in the Dinajpur District of Northwest Bangladesh, approximately 350 kilometers from the capital, Dhaka, and 10 kilometers from the Indian border. The region is some 30 meters above sea level, relatively flat and comprised of an alluvial plain with slightly raised terraces formed in pre-historic times by the drainage of the sub-Himalayan River systems (the Ganges/Padma and Jamuna rivers). The Phulbari Coal and Power Projectâs mine footprint covers an area of 5,193 hectares. Some 80% of the area is open fields under agriculture. The Companyâs subsidiaries include South African Coal Limited, Asia Energy Corporation Pty Limited, Asia Energy Corporation (Bangladesh) Pty Limited and Asia Energy (Bangladesh) Pvt Ltd.

Sector

Coal

Calendar

27/03/2025 - Q2 2025 Earnings Release (Projected)

More about the company

Income Statement Evolution

More financial data

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