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Wyloo grabs major chunk of Greatland Gold

Wyloo Metals has announced an equity funding package of up to $120 million for Greatland Gold, thereby becoming its largest shareholder.

Greatland is a leading mining development and exploration company focussed on precious and base metals. It is developing the world-class Havieron gold-copper deposit in the Paterson region of Western Australia while delivering multi-project exploration upside in a low-risk jurisdiction.

Wyloo, owned by Andrew Forrest, will subscribe for 430,024,390 ordinary shares, priced at 8.2 pence per share, totalling $60 million and about 8.6 per cent of Greatland’s shares on issue.

Wyloo will also receive warrants to subscribe for an additional 352,620,000 ordinary shares at an exercise price of 10 pence per share which, if exercised in full, will realise gross proceeds of about $60m.

The investment will contribute towards the funding of Greatland’s 30 per cent share of Havieron, enabling Greatland to be fully funded through to production and future free cash flow, as well as Greatland’s ongoing exploration.

Wyloo chief executive officer Luca Giacovazzi said the Havieron deposit was one of the most exciting recent mineral discoveries in Western Australia.

“Havieron is a tier one deposit that continues to grow in scale and quality as the understanding of the mineral system evolves,” he said.

“The Paterson range is emerging as Western Australia’s next prolific mining province, and Greatland has an expansive tenement package, which we believe has great potential for further discovery.

“We are excited to be a part of the development of what we expect will be a low cost, modern mining operation with very high environmental and social standards, and proud to be supporting another great Western Australian project.”

Editor of industrial titles and mastheads with Prime Creative Media. Publications include Rail Express and Australian Mining (web content).
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