Great Northern Minerals has  just closed an oversubscribed $3 million placement to fund exploration of its historic mines in Queensland.

The company plans to issue 500m shares at $0.006 per share –  a 23% discount to the volume weighted average price over the 15 trading days prior to the trading halt.

The funds will be used to drill test the Camel Creek gold project, Mikes Anomaly at the Big Rush mine and testing at depth the high-grade zones at the Golden Cup project.

Funds will also be used for an initial resource estimate at Camel Creek, followed by a mining and processing scoping study for the project.

Initial JORC resource in 2022

The company recently wrapped up diamond drilling at Camel Creek, and will define an initial JORC resource once assays are received.

“With a number of important milestones scheduled for early 2022, it is highly encouraging to complete this oversubscribed capital raise as we set to build from a very active 2021,” Great Northern Minerals (ASX:GNM) managing director Cameron McLean said.

CPS Capital Group Pty Ltd acted as lead manager and will receive a 2% management fee of the total amount raised and 4% placing fee of the total amount raised – and will also be entitled to be issued 40,000,000 GNMOB listed options upon full subscription of the placement.

The placement will be completed in two tranches:

  • Tranche 1: for an issue of 300,000,000 placement shares; and
  • Tranche 2: the issue of 200,000,000 placement shares and 40,000,000 lead manager options subject to shareholder approval




This article was developed in collaboration with Great Northern Minerals Limited, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.