Placing of New Ordinary Shares

RNS Number : 5313D

Great Western Mining Corp. plc

20 February 2020

 

GREAT WESTERN MINING CORPORATION PLC

("Great Western", "GWM" or the "Company")

Placing of new Ordinary Shares

SHARE PLACING

Great Western Mining Corporation PLC (AIM - GWMO; Euronext Growth - 8GW) announces that it has today raised £320,000 before expenses through the issue of 290,909,091 new Ordinary Shares (the "Placing") at a price of 0.11 pence each.   

The proceeds will be used to accelerate exploitation of gold prospects already sampled over the Mineral Jackpot group of mines, including bulk-sampling and heap leaching of numerous spoil heaps at Mineral Jackpot and in the Huntoon Valley for early recovery of gold and silver.

The company will take the next steps to define a potential mine development at the Rock House prospect through a geophysical survey and drilling.

The funding will also allow the company to pursue and complete an acquisition of an already-defined new gold opportunity elsewhere in Nevada subject to agreement.

SETTLEMENT AND DEALING

Application will be made to the AIM Market of the London Stock Exchange ("AIM") and Euronext Growth for a total of 290,909,091 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 12^th March 2020 ("Admission").

Chairman Brian Hall commented: "At the beginning of this year we were pleased to announce the successful results of our soil sampling programme for precious metals potential over both our Mineral Jackpot group of historic gold mines and the Rock House ('RH') prospect where mineralisation has been identified by satellite imagery.  During the current year we will progress work on both these prospects.  In addition, we are actively looking to grow our acreage portfolio beyond our existing leases in Mineral County.  The Placing funds will greatly assist our activity level and we look forward to providing updates in due course."

For further information:

Great Western Mining Corporation PLC
Brian Hall, Chairman	[phone] (via Walbrook PR)
Max Williams, Finance Director	[phone] (via Walbrook PR)
Davy (NOMAD, Euronext Growth Adviser & Joint Broker) John Frain	[phone]
Novum Securities (Joint Broker) Jon Belliss	[phone]
ETX Capital (Joint Broker)  Philip Adler	[phone]
Walbrook PR (PR advisers) Nick Rome/Nicholas Johnson	[phone]

 

END

 

 

IOEUKURRRAUUAUR