"Glory Resources has completed a $42.5 million capital raising launched last month to fund the acquisition of the Sappes gold project in north eastern Greece from Cape Lambert Resources.
Perth-based Glory, which is led by Jason Bontempo, announced today it had received firm commitments in excess of the minimum $42.5 million subscription threshold.
The funds will be used to acquire Sappes from Cape Lambert, as the company announced early last month.
The capital raising was managed by UK-based Renaissance Capital.
Glory said it would update shareholders in due course with a timetable for the re-commencement of trading of its shares on the Australian Securities Exchange.
The company’s stock last traded at 21.5 cents, after having been placed in a trading halt in mid-October."
The important thing here is 'firm commitments in excess of the $42.5m'. This is massive. This has been tipped by many experts as a junior with massive potential, and now they have the financial clout to proceed with acquisition. Glory Resources is a stock that is set to boom over the next 12 months. I'm very happy I bought when I did :)
GLY Price at posting:
21.5¢ Sentiment: LT Buy Disclosure: Held
