Placing to Raise gross proceeds of £1,500,000

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 £1,500,000

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 £1,500,000 (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 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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