Two of the UK private investor favourites in the resources sector are looking to raise further funds.
Greatland Gold (LON:GGP) and Mosman Oil and Gas (LON:MSMN) are both progressing corporate plans for further listings.
Earlier this week Greatland Gold announced the appointment of Australian-based corporate lawyer Yasmin Broughton as an Independent Non-Executive Director ahead of the group’s planned listing on the ASX.
Ms Broughton has considerable experience in that market and her skills will be extremely useful as the group pursues its additional listing in Q4 this year.
The £440m capitalised Greatland group is now evaluating a corporate reorganisation, which could mean that the company will sit under a new parent that will be incorporated in Australia.
Obviously, that will need significant approvals from the group shareholders, the UK courts and then also the relevant listing authorities.
Such a move would not interfere with the company’s AIM listing, therefore protecting the mass of UK shareholders.
Greatland is a mining development and exploration company focused primarily on precious and base metals.
Its flagship asset is the world-class Havieron gold-copper project in the Paterson Province of Western Australia, which was discovered by Greatland and is presently under development in joint venture with ASX gold major, Newcrest Mining Limited.
Newcrest Mining is currently ‘in play’ following a bid approach from global resource group Newmont Mining.
There have been suggestions that if Newmont wins control of Newcrest then Greatland might get the opportunity to buy out its JV interest in due course, for which additional investor interest would be very helpful.
Mosman Oil and Gas
Over at Mosman Oil and Gas it has today declared that it is considering floating off its Australian assets into a separate quote.
The business is an oil exploration, development, and production company with projects in the US and Australia.
Its strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration of its existing exploration permit and permit application.
The £5.3m valued company has several projects in the US, in addition to exploration projects in the Amadeus Basin in Central Australia.
Its Australian assets, being the EP 145 permit and the EP(A) 155 exploration permit application in the Amadeus Basin,
It has today issued news that it is progressing positive commercial negotiations on potential future helium production offtake arrangements in respect of EP 145, with two Chinese based companies.
Further to such development the group is now considering that that the best way forward is to pursue a separate stock market listing for the Australian assets in London.
Currently the group is lining up teams of corporate advisers to assist in that process.
The shares of Greatland Gold have risen over 6% to the current 8.70p, after touching 9p on the news.
While Mosman Oil and Gas shares fell back to 0.0775p, off 7% on the news but after hitting 0.0945p at the best, with four times the daily average dealing volume being achieved by midday.