GBM Resources (ASX:GBZ) has raised US$5.4 million via a placement

GBM Resources Limited has raised funds to accelerate drilling at the flagship Drummond Basin, along with funding the acquisition of Twin Hills.

GBM Resources is a gold exploration and development company with 1.5Moz gold JORC resources, focused on the discovery of world-class gold deposits in eastern Australia. It has three core projects: Flagship Drummond Basin assets, which include Mt Coolan, Yandan and Twin Hills; Malmsbury Project (50% JV with Novo Resources) for highly prospective “Fosterville style” gold target in Victorian goldfield; and White Dam, 100%-cashflow generating gold copper heap leach operation.

Oaklins’ team in Australia acted as joint lead manager alongside Taylor Collison. This is the third raise that the team has advised GBM on in the past two years.