GBM Resources raises $26m for Drummond Basin gold exploration

GBM Resources has raised A$39.85m ($26.14m) through an institutional placement to expedite exploration and development in its Drummond Basin gold portfolio in Queensland. This fundraising effort saw substantial support from both new and existing institutional investors including its largest shareholder, Wise Walkers, which committed A$8.05m, pending shareholder approval. The placement involves issuing approximately 752 million new shares at A$0.053 each, reflecting a 3.6% discount to GBM’s last closing p ...