Capital Raising under Converting Loan Note to Raise $1.335m
| Stock | Great Divide Mining Ltd (GDM.ASX) |
|---|---|
| Release Time | 4 Sep 2025, 9:46 a.m. |
| Price Sensitive | Yes |
Great Divide Mining Raises $1.335m via Convertible Loan Notes
- Capital raising strongly supported by existing and new sophisticated investors
- Funds to advance Challenger Gold Mine joint venture
- Director participation of $105k, subject to shareholder approval
Great Divide Mining Ltd (ASX:GDM) has received firm commitments to raise a total of $1.335m (before costs) through the issue of unsecured and unquoted loan notes ('Loan Notes'). The Loan Notes will become convertible into ordinary fully paid shares and unlisted options on a 1:1 basis at the election of either GDM or the noteholder, subject to shareholder approval. Funds raised will be applied towards milestone payments relating to the Challenger Gold Mine joint venture, working capital and costs of the Loan Note offer. The Company anticipates settlement of the Loan Notes on 8 September 2025. Loan Notes subscribed by Directors will only be issued and settled following receipt of shareholder approval. GDM's CEO, Justin Haines, commented that the strong response from investors highlights the market's confidence in the company's transition from explorer to gold producer.
The funds raised will be used to advance the Challenger Gold Mine as soon as possible, marking GDM's transition from explorer to producer.