GSC Secures £0.8m to Expand Exploration in Chile
THIS 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.
7 November 2024
Great Southern Copper plc
("GSC" or the "Company")
GSC Secures £0.8m Funding to Expand Exploration Work in Chile
Great Southern Copper plc (LSE: GSCU), the Company focused on copper-gold exploration in Chile, is pleased to announce that it has received an investment of £780,000, before expenses, from two new private investors and the existing majority shareholder.
The proceeds provide GSC with additional funding to expand its ongoing exploration programme in Chile, supporting drilling programmes across multiple high-potential targets within the Company's large-scale copper-gold Especularita project.
The investment has been raised through the placing of 62,400,000 new ordinary shares of 1p each in the Company at a price of 1.25p, which represents a 5% discount to the 30 day VWAP and a 9% discount to the 10 day VWAP. Each share will have one warrant, exercisable at £0.025 for a period of 24 months from the date of admission to trading of the Placing shares.
The investment comes from a highly experienced investor and a corporate institution, matched by GSC's cornerstone founding investor, Foreign Dimensions PTY Limited.
Sam Garrett, Chief Executive Officer of Great Southern Copper plc, said: "We are very pleased to have been approached by new investors who have chosen to provide additional support to the Company at this crucial stage of exploration, alongside our extremely supportive majority shareholder.
"Whilst the equity markets continue to be starved of capital for early stage exploration, this investment reflects the increasing confidence and excitement around the Company's prospects. The funds will be deployed to advance our drilling programmes and other exploration activities over the next 6-12 months, and we look forward to updating the market on our progress."
Admission and Total Voting Rights
Application will be made for the 62,400,000 Placing and Subscription Shares, which will rank pari passu in all respects with the existing ordinary shares in the Company, to be admitted to listing on the standard listing segment of the Official List of the FCA and to trading on the London Stock Exchange plc's ("London Stock Exchange") main market for listed securities ("Main Market"), which is expected to occur at 8.00 a.m. on or around 11 November 2024.
Following Admission of the Placing and Subscription Shares, the total number of ordinary shares and voting rights in the Company will be 510,005,878 The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Enquiries:
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Great Southern Copper plc |
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Sam Garrett, Chief Executive Officer |
+44 (0) 20 4582 3500 |
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SI Capital Limited |
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Nick Emerson |
+44 (0) 1483 413500 |
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Capital Plus Partners |
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Keith Swann |
+44 (0) 203 8216167 |
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Gracechurch Group |
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Harry Chathli, Alexis Gore, Henry Gamble |
+44 (0) 20 4582 3500 |
Notes for Editors:
About Great Southern Copper
Great Southern Copper PLC is a UK-listed mineral exploration Company focused on the discovery of copper-gold and lithium deposits in Chile. The Company has the option to acquire rights to 100% of two projects in the under-explored coastal belt of Chile that are prospective for large scale copper-gold deposits. In addition, the Company has the option to acquire rights to 100% of a lithium project located in the Salar de Atacama district of Chile. Chile is a globally significant mining jurisdiction being the world's largest copper producer and the second-largest producer of lithium.
The two, early-stage Cu-Au projects comprise the Especularita Projects and San Lorenzo, both located in the coastal metallogenic belt of Chile which hosts significant copper mines and deposits, including Teck's Carmen de Andacollo copper mine, and boasts excellent access to infrastructure such as roads, power and ports. Significant historical small-scale and artisanal workings for both copper and gold are readily evident in both exploration project areas.
The Company's Monti Lithium project is strategically located in the pre-Andean region of Salar de Atacama which is Chile's premier lithium-producing region with well-established lithium mining operations and infrastructure.
Great Southern Copper is strategically positioned to support the global market for copper and lithium - both critical battery metals in the clean energy transition around the world. The Company is actively engaged in exploration and evaluation work programmes targeting both large tonnage, low to medium grade Cu-Au and Li deposits as well as high-grade Cu-Au deposits.
Further information on the Company is available on the Company's website: https://gscplc.com
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