Great Western Mining Corp. plc Placing to Raise gross proceeds of £500,000 (6570M)
17 October 2016 - 7:00AM
UK Regulatory
TIDMGWMO
RNS Number : 6570M
Great Western Mining Corp. plc
17 October 2016
Great Western Mining Corporation PLC
("Great Western Mining" or the "Company")
Placing to Raise gross proceeds of GBP500,000
Great Western Mining, the AIM and ESM quoted gold, silver and
copper exploration and development company, is pleased to announce
that it has raised GBP500,000 (before expenses) via a placing (the
"Placing") of 125,000,000 new Ordinary Shares of EUR 0.0001 each
(the "Placing Shares") at a price of 0.4 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 fund its pre-development activities
on the M2 Copper-Gold target, and to initiate joint development
work on M1 with Crown Point Gold & Silver Mining LLC ("Crown
Point") under the terms of the Huntoon Mine Area Cooperation
Agreement recently signed with Crown Point.
Warrants to subscribe for 12,500,000 new Ordinary Shares at a
price of 0.5 pence per Ordinary Share, exercisable within 5 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 continue the
pre-development work on the local heap leach facility planned for
M2 and to further progress work on M1 under the recently signed
agreement with Crown Point. 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 31
October 2016. 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 32.07% 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 389,823,809 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 +44 207 933 8795 (via Walbrook)
Corporation Plc
David Fraser, Chief
Executive
Davy (Nomad, ESM +353 1 679 6363
Adviser & Joint
Broker) john.frain@davy.ie
John Frain roland.french@davy.ie
Roland French
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
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October 17, 2016 02:00 ET (06:00 GMT)