Great Western Mining Corp. plc Placing to Raise gross proceeds of £1,500,000 (8133I)
June 22 2017 - 1:00AM
UK Regulatory
TIDMGWMO
RNS Number : 8133I
Great Western Mining Corp. plc
22 June 2017
Great Western Mining Corporation PLC
("Great Western Mining" or the "Company")
Placing to Raise gross proceeds of GBP1,500,000
Due to demand from existing institutional shareholders Great
Western Mining, the AIM and ESM quoted gold, silver and copper
exploration and development company, is pleased to announce that it
has raised GBP1,500,000 (before expenses) via a placing (the
"Placing") of 93,750,000 new Ordinary Shares of EUR 0.0001 each
(the "Placing Shares") at a price of 1.60 pence per Placing Share.
The placing was conducted by Beaufort Securities Limited
("Beaufort").
The net proceeds of the Placing will provide the Company with
additional working capital to bring forward infill and step-out
drilling on the Company's M2 Copper-Gold prospect, with the dual
target of increasing the size of the current independently verified
Indicated and Inferred JORC Mineral Resource and advancing this
resource to a JORC Measured and Indicated status, with the
possibility of JORC Reserves.
David Fraser, Chief Executive, commented:
"We are very grateful for the confidence and support
demonstrated by our institutional shareholders in supporting this
further funding. The new money, in conjunction with the previously
announced placing, will enable the Company to take a giant stride
in proving the world class potential of its M2 Copper-Gold
prospect. The Company has a very busy field programme this summer
and autumn on its three most advanced prospects, M1, M2 and M4, all
in Mineral County, Nevada. We look forward to updating shareholder
as the results from this work are generated."
Details of Placing and Total Voting Rights
Application will be made to the London Stock Exchange and the
Irish Stock Exchange for the Placing Shares to be admitted to
trading on AIM and ESM, with admission expected to occur on 06 July
2017. The Placing Shares will, when issued, rank pari passu in all
respects with the existing Ordinary Shares, including the right to
receive dividends and other distributions declared following
admission, and represent 15.94% of the Company's enlarged issued
share capital following admission of the Placing Shares.
Following the issue of the Placing Shares, the Company's
enlarged issued share capital will be 588,073,809 Ordinary Shares
of EUR 0.0001 each. The above figure may be used by the Company's
shareholders as the denominator for the calculations by which they
may determine if they are required to notify their interest in or a
change in their interest in the Company.
Warrants to subscribe for 4,687,500 new Ordinary Shares at a
price of 2.10 pence per Ordinary Share, exercisable within 3 years
from the date of admission of the Placing Shares, have been issued
to Beaufort in connection with the Placing.
ENQUIRIES:
Great Western Mining +44 207 933 8795 (via Walbrook)
Corporation Plc
David Fraser, Chief
Executive
Davy (Nomad, ESM
Adviser & Joint
Broker)
John Frain +353 1 679 6363
Beaufort Securities
Ltd (Joint Broker)
Jon Belliss
Elliot Hance +44 207 382 8300
Walbrook PR (UK +44 207 933 8795
PR and IR) greatwesternmining@walbrookpr.com
Paul Cornelius
Nick Rome
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEBFLLLDQFBBBX
(END) Dow Jones Newswires
June 22, 2017 02:00 ET (06:00 GMT)
Great Western Mining (LSE:GWMO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Great Western Mining (LSE:GWMO)
Historical Stock Chart
From Apr 2023 to Apr 2024