The Minjingu project in northern Tanzania. Source: Gladiator Resources
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Gladiator Resources (GLA) secures firm commitments to undertake a $1.2 million share placement
  • A total of 40 million fully paid ordinary shares will be issued to sophisticated and professional investors at three cents each
  • Participants will also receive one attaching option for every four shares, exercisable two years from issue at a price of six cents
  • Gladiator will use the money to fund the proposed exploration programs at its Tanzanian uranium and Victorian gold projects as well as for working capital
  • Shares in Gladiator are down 2.94 per cent and are trading at 3.3 cents

Gladiator Resources (GLA) has received firm commitments for a $1.2 million share placement.

The company said it planned to issue a total of 40 million new shares at three cents each to sophisticated and professional investors.

As part of the new capital raising, participants will also receive one option for every four placement shares, exercisable two years from the issue date at a price of six cents.

Gladiator said the money raised would go towards funding the proposed exploration programs at its Tanzanian uranium and Victorian gold projects as well as working capital.

“The company is currently completing a drilling program at its Minjingu uranium project in Tanzania and has already commenced planning an extensive drilling campaign for its southern Tanzanian uranium tenements, intended to start as soon as the wet season ends,” Chairman Ian Hastings said.

“Gladiator is very excited to have consolidated the southern tenements into single ownership for the first time and expects to spend the bulk of 2022 progressing an extensive drill program on that project, which this placement will largely fund.”

The company said it anticipated the placement shares being issued on or about January 24.

GLA shares were down 2.94 per cent at 3.3 cents at 3:15 pm AEDT.

GLA by the numbers
More From The Market Herald

" Wiseway Group (ASX:WWG) launches $4m entitlement offer

Wiseway Group (ASX:WWG) has launched a four to 25 pro-rata non-renounceable entitlement offer to raise up…
Pursuit Minerals (ASX:PUR) - Managing Director, Bob Affleck

" Pursuit Minerals (ASX:PUR) sells Scandinavian projects for $3m

Pursuit Minerals (ASX:PUR) has settled the sale of its nickel and vanadium projects in Norway, Sweden…
Payright (ASX:PYR) - Joint CEOs, Piers Redward (left) and Myles Redward (right)

" Payright (ASX:PYR) settles “transformational” funding package to pursue growth

Payright (ASX:PYR) completes its settlement of funding package, comprising a $125 million warehouse facility led by…
X2M Connect (ASX:X2M) - Chief Operating Officer, Keith Jelley

" X2M Connect (ASX:X2M) wins three contracts in South Korea

X2M Connect (ASX:X2M) has won three new contracts in South Korea for remote water monitoring and…