Greatland Resources (LSE:GGP) has received “exceptional demand” as it completes the bookbuild for listing on the Australian Securities Exchange (ASX).
The AIM-listed company has received firm commitments for the issue of 7,576 million shares in Greatland Resources at a final offer price of $6.60 (£3.16) per share to raise $50 million (£24) million.
Proceeds raised will primarily be used on general operating, corporate expenses, working capital and costs of the offer.
BofA Securities, Barrenjoey, and Canaccord are acting as joint lead managers in respect of the ASX listing and Australian offering. Sternship Advisers and Argonaut Securities are acting as co-Managers.
In addition, a special purpose vehicle incorporated to enable the sale of up to 66.730 million Greatland Resources shares by Newmont NOL, a subsidiary of Newmont Corporation, has received firm commitments for the sale of its entire shareholding, resulting in total gross proceeds for Newmont of $440.4 million.
The Australian offering is conditional, among other things, on the UK scheme being sanctioned by the UK Court and becoming effective. The Greatland shares, when issued, will rank pari passu with the existing shares.
Greatland has applied to be admitted to the official list of the ASX and is expected to be quoted on the exchange and begin trading on a normal settlement basis at 1pm (Sydney time) / 4am (London time) on 24 June 2025.
In addition, an application will be made to the London Stock Exchange for the Greatland Resources shares, including those to be issued in the Australian primary offer, to be admitted to trading on AIM.
Admission of those shares to trading on AIM is expected to take effect on 23 June 2025.
Write to Adam Orlando at Mining.com.au
Images: Greatland Resources
