- Gladiator Resources (GLA) receives firm commitments from unrelated sophisticated and professional investors to undertake a $1 million placement
- A total of 80 million fully paid ordinary shares will be issued to sophisticated and professional investors at 1.25 cents
- Just yesterday, Gladiator entered a binding memorandum of understanding (MUO) to acquire Tanzanian company Zeus Resources
- Gladiator will use money from this placement to fund proposed exploration activities at the Tanzanian projects and its existing Victorian gold projects
- Gladiator is up a healthy 10 per cent on the market with shares trading at 2.2 cents at 3:36 pm AEST
Gladiator Resources (GLA) has received firm commitments to undertake a $1 million placement.
A total of 80 million fully paid ordinary shares will now be issued to sophisticated and professional investors at 1.25 cents.
This price represents a 25 per cent discount to the 15-day volume-weighted average price.
Just yesterday, Gladiator entered a binding memorandum of understanding (MOU) to acquire Tanzanian company Zeus Resources. (This is a different entity to the ASX-listed Zeus Resources).
Gladiator will be acquiring 99 per cent of Zeus for 30 million fully paid ordinary shares.
Zeus holds more than 1170 square kilometres of exploration tenements in Tanzania which are highly prospective for gold and uranium.
Gladiator will use the money from the placement to fund proposed exploration activities at the Tanzanian projects and its existing Victorian gold projects.
Chairman Ian Hastings commented on the placement and how Gladiator would use the money.
“Gladiator is very pleased with the substantial interest from investors for this placement as it continues to advance existing and acquire new projects,” Mr Hastings said.
“The company believes that its proposed acquisition of Zeus Resources will provide a valuable opportunity to build a presence in Africa and pursue exploration activities complementary to its existing Victorian gold projects.”
Gladiator was up a healthy 15 per cent on the market with shares trading at 2.3 cents at 2:04 pm AEST.