GSR has secured an AU$1.7 million placement to finance Phase-2 drilling

Greenstone Resources Limited (ASX: GSR) has received firm commitments from professional and sophisticated investors, raising approximately AU$1,709,602 (before costs) through a placement. The placement involves issuing 131,507,808 fully paid ordinary shares at AU$0.013 per share (Placement Shares). The primary purpose of this funding is to support aggressive exploration activities across the Burbanks Gold Project (100% Greenstone) and complete the Scoping Study for the Mt Thirsty Ni-Co-Mn-Sc Project (Greenstone 50%: Conico Limited 50%).

Additionally, the funds will cover ongoing working capital requirements. Apart from the placement, a Share Purchase Plan (SPP) is in place, allowing eligible shareholders to raise an additional AU$0.25 million. The combined proceeds from the Placement and SPP will be utilized for Phase-2 drilling and completing the MTJV scoping study. Phase-2 drilling is underway at Burbanks, focusing on exploring high-grade extensions beneath the historic mining center.

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