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GBM RESOURCES LIMITED. — Capital/Financing Update 2012
Oct 1, 2012
64966_rns_2012-10-01_f1aa0f46-af59-4329-878a-3742d8d32856.pdf
Capital/Financing Update
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ASX Announcement 2 October 2012
GBM ATTRACTS UP TO $3.1M IN BACKING FROM SINGAPOREAN CONSORTIUM
Australian resources company GBM Resources Limited ( ASX: GBZ ) (“GBM” or “the Company”) is pleased to announce it has secured an agreement to place up to 19.9% of shares in the capital of the company with a Singaporean Consortium led by Lion Resources Development Pte Ltd. If fully completed, the agreement will raise up to approximately A$3.1 million.
The Placement will be made in two tranches. The placement of the first tranche of 20 million shares at 5 cents per share for $ 1.0 million has been completed. This is a 11% premium to GBM’s last closing price. Tranche 1 falls within GBM’s existing 15% placement capacity.
The second tranche provides the consortium a 90 day option period to increase their holding to 19.9% of the company’s ordinary shares - which will be approximately 41.4 million shares at 5 cents per share raising $2.1 million under the second tranche option. The second tranche option is subject to Shareholder approval at the AGM to be held late November 2012.
This funding initiative is a significant outcome for the company. Key Highlights are as follows:
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Introduction of a major investment group as new shareholders. This new consortium can potentially underwrite the Company’s future growth plans.
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This funding allows the company to complete additional work for development of the Milo Rare Earths – IOCG Project in Queensland, to progress work on its Gold assets and to provide working capital.
For Further information please contact:
Peter Thompson Colin Hay Managing Director PPR GBM Resources Limited T: 0404 683 355 Tel: 08 9316 9100 E: [email protected]
Registered Office: Suite 8, 7 The Esplanade, Mt Pleasant, Western Australia 6153 Tel: (08)9316 9100 • Fax: (08)9315 5475 • Web: www.gbmr.com.au Exploration Office: 10 Parker Street, Castlemaine, Victoria 3450 Tel: (03) 5470 5033