Wyloo Metals (Wyloo) is pleased to announce an equity funding package of up to A$120 million, becoming the largest shareholder in Greatland Gold plc (Greatland).
Wyloo will subscribe for 430,024,390 ordinary shares, priced at 8.2 pence per share, totalling A$60 million and approximately 8.6% of Greatland’s shares on issue.
Wyloo will also receive warrants to subscribe for an additional 352,620,000 ordinary shares at an exercise price of 10.0 pence per share which, if exercised in full, will realise gross proceeds of approximately A$60m (c.£35m).
The investment will contribute towards the funding of Greatland’s thirty per cent share of the Havieron copper-gold development project, enabling Greatland to be fully funded through to production and future free cash flow, as well as Greatland’s ongoing exploration in the Paterson region of Western Australia.
Wyloo CEO Luca Giacovazzi said the Havieron deposit was one of the most exciting recent mineral discoveries in Western Australia.
“Havieron is a tier one deposit that continues to grow in scale and quality as the understanding of the mineral system evolves,” he said.
“The Paterson range is emerging as Western Australia’s next prolific mining province, and Greatland has an expansive tenement package, which we believe has great potential for further discovery.
“We are excited to be a part of the development of what we expect will be a low cost, modern mining operation with very high environmental and social standards, and proud to be supporting another great Western Australian project.”