Cash to be used to facilitate step change in scale of exploration campaigns
Greatland Gold plc has announced that as at 27 October 2017 it had an accumulated cash balance of approximately £4 million.
The cash balance of approximately £4 million is made up of monies already held by the Company, a Placing of shares totalling £750,000 as announced on 20 September 2017, and the receipt of approximately £2.5 million in cash from recent warrant conversions.
As a result of the significantly strengthened financial position, the Board has commenced a thorough review of all of its exploration programmes and budgets for 2018 and 2019. Management believes that these funds will facilitate a step change in the scale of the exploration campaigns at the Company’s key projects. As the Company’s plans firm up, it expects to make further announcements regarding its strategy to accelerate exploration at its key projects.
Gervaise Heddle, Chief Executive Officer, commented: “The encouraging results from our recent exploration work give us great confidence in our strategy of targeting under-explored areas with significant potential to host sizeable, high quality mineral deposits.
“Our strengthened cash position means we can aggressively pursue comprehensive and sustained exploration campaigns across all of our key projects over the next two years.”