GBM to raise $1.14m through placement

Perth-based mineral explorer GBM Resources has announced plans to raise $1.14 million through the placement of 57 million shares to investors valued at 2 cents per share. 

GBM said it would issue a free attaching option, exercisable at 3.5 cents each, for each share subscribed for in the share placement, which has been placed on the market today.

“The funds raised would be used to advance GBM’s existing exploration programs, provide working capital and to allow the company to assess potential corporate opportunities,” GBM said in a statement. 

GBM shares fell by 3.85 per cent to 2.5 cents per share at 2:10pm.