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Greenvale Mining (ASX:GRV) - Managing Director, Neil Biddle
Managing Director, Neil Biddle
Source: Resources Rising Stars
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  • Greenvale Mining (GRV) has closed its share purchase plan (SPP) heavily oversubscribed
  • First announced in mid-February, the company originally planned to raise $3 million but received applications totalling $6.4 million
  • Given this support, Greenvale increased the SPP to $4.5 million, which was raised through the issue of 34.6 million fully paid shares at 13 cents
  • Greenvale will use the funds to progress resource drilling, sampling and testing at its flagship Alpha Torbanite Project in Queensland
  • The money will also help fast track exploration at the Georgina iron oxide copper gold (IOCG) Project in the Northern Territory
  • Greenvale has ended the day 5.13 per cent in the red with shares trading at 18.5 cents

Greenvale Mining (GRV) has closed its share purchase plan (SPP) heavily oversubscribed.

First announced in mid-February, the company originally planned to raise $3 million but received applications totalling $6.4 million.

Given this support, Greenvale increased the SPP to $4.5 million, which was raised through the issue of 34.6 million fully paid shares at 13 cents.

As participants had to have their shareholding reduced to accommodate everyone, the maximum value of shares shareholders could apply for decreased from $30,000 to $25,000.

Greenvale will use the funds to progress resource drilling, sampling and testing at its flagship Alpha Torbanite Project in Queensland.

The money will also help fast track exploration at the Georgina iron oxide copper gold (IOCG) Project in the Northern Territory.

Shares are expected to be issued on March 22 and begin trading on the ASX on March 23.

“The demand for the SPP was incredibly strong, which is a testament to the outstanding growth potential of both our Alpha Torbanite Project and our Georgina Basin IOCG Project where exploration activities are now ramping up,” Managing Director Neil Biddle said.

“The increased proceeds will enable Greenvale to accelerate exploration at the highly prospective Georgina Project in the Northern Territory, where we will shortly commence exploration aimed at testing prospective structures highlighted by the recent MinEx CRC National Drilling Initiative,” he added.

Greenvale has ended the day 5.13 per cent in the red with shares trading at 18.5 cents in a $63.16 million market cap.

GRV by the numbers
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