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  • Great Northern Minerals (GNM) will undertake a fully underwritten and non-renounceable rights issue to raise around $3 million
  • Under the placement, the company will aim to raise up to $1.5 million through the issue of 150 million shares priced at 1 cent
  • Participants will also receive one free attaching option for every one share subscribed for, exercisable at 2.2 cents on or before July 1, 2023
  • Under the rights issue, Great Northern will look to raise just over $1.5 million on the basis of one new share for every seven held
  • Great Northern will use the funds from both the placement and rights issue to drill test the Camel Creek Gold Project in Northern Queensland
  • The money will also go towards drilling the Big Rush gold deposit as well as testing and evaluating other areas
  • Great Northern has ended the day in the grey with shares trading at 1 cent

Great Northern Minerals (GNM) will undertake a fully underwritten and non-renounceable rights issue to raise around $3 million.

The company entered a trading halt on March 18 but did not disclose at the time how much it intended to raise or what the funds would be used for.

Under the placement, Great Northern will aim to raise up to $1.5 million through the issue of 150 million new shares to sophisticated and professional investors at 1 cent each.

Participants will also receive one free attaching option for every one share subscribed for, exercisable at 2.2 cents on or before July 1, 2o23.

CPS Capital Group will be acting as lead manager and will receive a two-per-cent management fee of the total amount raised and a four-per-cent placing fee of the amount raised.

The lead manager will also be issued 20 million options upon full subscription of the placement.

Under the rights issue, Great Northern will look to raise up to $1,511,314 on the basis of one new share for every seven held.

Participants will also receive one free attaching option for every one subscribed for, also exercisable at 2.2 cents with expiry on or before July 1, 2023.

The offer is set to open on April 7 and close on April 16.

Great Northern will use the funds from both the placement and rights issue to drill test the Camel Creek Gold Project in Northern Queensland.

The money will also go towards drilling the Big Rush gold deposit as well as testing and evaluating other areas.

Great Northern has ended the day in the grey with shares trading at 1 cent in a $9.079 million market cap.

GNM by the numbers
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