Placing to Raise gross proceeds of £1,150,000

RNS Number : 2650I

Great Western Mining Corp. plc

16 June 2017

 

Great Western Mining Corporation PLC

("Great Western Mining" or the "Company")

Placing to Raise gross proceeds of £1,150,000

Great Western Mining, the AIM and ESM quoted gold, silver and copper exploration and development company, is pleased to announce that it has raised £1,150,000 (before expenses) via a placing (the "Placing") of 92,000,000 new Ordinary Shares of EUR 0.0001 each (the "Placing Shares") at a price of 1.25 pence per Placing Share, to institutions and existing shareholders. 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 Resource Drilling on the Company's M2 Sharktooth Exploration Target.

Warrants to subscribe for 4,600,000 new Ordinary Shares at a price of 1.75 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.

David Fraser, Chief Executive, commented:

"This funding allows Great Western Mining to accelerate the process of turning our M2 Copper-Gold prospect into the potential world class discovery that the Company believes it to be. The Company already has an extensive field programme planned for this summer for M2 and M4 our second Copper-Gold prospect in Marietta, Nevada. We look forward to future news flow from both projects."

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 30 June 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 18.6% 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 494,323,809 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.

ENQUIRIES:

Great Western Mining Corporation Plc David Fraser, Chief Executive		[phone] (via Walbrook)
Davy (Nomad, ESM Adviser & Joint Broker) John Frain		[phone]
Beaufort Securities Ltd (Joint Broker) Jon Belliss Elliot Hance		[phone]
Walbrook PR (UK PR and IR) Paul Cornelius Nick Rome		[phone]  [e-mail]

 

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