Great Western Mining Corp. plc Expansion of Work Programme and Issue of Equity (9393S)
March 22 2021 - 2:00AM
UK Regulatory
TIDMGWMO
RNS Number : 9393S
Great Western Mining Corp. plc
22 March 2021
GREAT WESTERN MINING CORPORATION PLC
("Great Western", "GWM" or the "Company")
EXPANSION OF WORK PROGRAMME &
ISSUE OF EQUITY
Great Western Mining Corporation PLC (AIM - GWMO, Euronext
Growth - 8GW), which is exploring and developing multiple
early-stage gold, silver and copper targets in Nevada, USA,
announces the successful completion of a placing to raise gross
proceeds of GBP1 million through the issue of 454,545,455 new
Ordinary Shares of EUR0.0001 each at a price of 0.22 pence each
(the "Placing"). In addition, the Company is granting 227,272,727
warrants based on a ratio of one warrant for every two Placing
shares ("Placing Warrants") together with a further 22,727,272
warrants to be granted to Novum Securites Limited acting as broker
("Broker Warrants"). Each Placing Warrant carries the right to
subscribe for one new share at a price of 0.30 pence per share for
two years. Each Broker Warrant carries the right to subscribe for
one new share at a price of 0.22 pence per share for two years.
Following agreements to contract two drilling rigs for its firm
and funded 2021 exploration programme, the Company now plans to
expand the scope of the programme in Nevada and the Placing will
enable this to take place. This will maximise the Company's
activity level during 2021.
CURRENT 2021 WORK PROGRAMME
EXPLORATION DRILLING
Great Western has numerous prospects for both precious and base
metals on its approximately 17,000 (6,880 hecatres) acres of claims
in Mineral County, Nevada and expects to commence drilling
operations in April with two rigs at the following locations:
-- Olympic Gold Project: Drilling at the Trafalgar Hill, OMCO
Mine extension and West Ridge Prospects
-- Rock House (RH) Group: Drilling at the Southern Alteration Zone prospect
-- JS Group: Drilling to test a near surface copper target
-- Mineral Jackpot: Drilling at the Bass Mine prospect
The programme comprises drilling multiple bore holes at the
Olymoic Gold Project and the RH Group together aggregating
approximately 10,000 feet (3,048 metres), using a reverse
circulation rig now under contract. Additional footage will be
drilled at the JS Group and Mineral Jackpot with a light and
transportable coring rig at locations which would be less easily
accessible with the larger RC rig.
COMMERCIAL DEVELOPMENT
Mineral Jackpot spoil heap recovery
In addition to the drilling programme, Great Western is
currently evaluating opportunities to enable commercial development
of Mineral Jackpot spoil heap material using gravity
processing.
EXPANDED 2021 WORK PROGRAMME
Given that two rigs will be working, and subject to no
unforeseen delays, the current work programme is expected to be
completed in July. While exploration drilling success can never be
guaranteed, the Company is preparing for accelerated follow-on
appraisal drilling during the 2021 work season, particularly at the
potentially high-impact Trafalgar Hill and OMCO Mine Extension
targets. Great Western also has a number of additional drill-ready
prospects on its claims where drilling could be brought forward.
The funds raised through the Placing will provide the Company with
the means to expand its drilling operations during 2021 wherever
most appropriate and take maximum advantage of the 2021 work
season.
Part of the new funds will also be allocated to accelerate the
development and construction of a gravity processing plant for
production of gold and silver.
SETTLEMENT AND DEALING
Application will be made to the AIM Market of the London Stock
Exchange ("AIM") and Euronext Growth for a total of 454,545,455
Ordinary Shares, which will rank pari passu with the Company's
existing issued Ordinary Shares, to be admitted to trading.
Dealings on AIM and Euronext Growth are expected to commence on or
around 13 April 2021 ("Admission").
GWM Chairman Brian Hall commented: "As our planned and funded
drilling programme is expected to be completed by mid-summer, we
are keen to accelerate progress on the development of our broad and
exciting portfolio of mineral assets during the remainder of the
2021 work season. By raising additional capital now, we will be
able to plan additional drilling, either as a result of positive
results from the upcoming programme or at other drill-ready targets
on our claims, in parallel with developing our commercial
production facility and evaluating new opportunities to add to our
portfolio. We will be keeping shareholders regularly updated once
drilling operations commence."
QUALIFIED PERSON
Information in this announcement has been reviewed by William
Cooper, who is the Chief Geologist and Exploration Manager of Great
Western Mining PLC. He holds a MSc in Mining Geology from the
Camborne School of Mines. He is a Member of the Australian
Institute of Geoscientists (MAIG) and is a Qualified Person as
defined in the Note for Mining and Oil & Gas Companies which
form part of the AIM Rules for Companies. Mr. Cooper consents to
the inclusion of the information in the form and context in which
they appear.
MARS
This press release contains inside information as defined in
Article 7(1) of the Market Abuse Regulations.
For further information:
Great Western Mining Corporation PLC
Brian Hall, Chairman +44 207 933 8780
Max Williams, Finance Director +44 207 933 8780
Davy (NOMAD, Euronext Growth Adviser
& Joint Broker)
John Frain +353 1 679 6363
Novum Securities (Joint Broker)
Jon Belliss +44 207 399 9400
ETX Capital (Joint Broker)
Thomas Smith +44 207 392 1494
Walbrook PR (PR advisers)
Nick Rome/Nicholas Johnson +44 207 933 8783
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END
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