GBM Resources Limited (ASX: GBZ) has completed the issue of the second and final $5 million convertible note securities (Second Note) pursuant to the $10 million convertible note agreement (Agreement) with Collins St Convertible Note Fund (Collins St).
GBM is a well-funded Queensland based mineral exploration and development company focused on the discovery of world-class gold and copper deposits in Eastern Australia.
It holds ~1.85 Moz of gold in JORC resources in the Drummond Basin (Mt Coolon, Yandan and Twin Hills).
It also holds tenements in the Mt Morgan district, Mt Isa Inlier in Queensland, and the Malmsbury Project in the Victorian Goldfields, as well as the White Dam Gold-Copper Project in South Australia.
All the resources conform to the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition”.
The cut-off grade is 0.20 g/t Au for all resources, with Vertigo restricted to above 150RL (~70m below surface).