Great Western Mining (AIM: GWMO)
Announced a subscription by a UK investment firm (i) for £600,500 on behalf of its private clients and (ii) for £100,000 on behalf of Premier Miton Investors for 1,610,344,827 new GWM ordinary shares at a price of 0.0435 pence per Subscription Share to raise gross proceeds of £700,500.
GREAT WESTERN MINING CORPORATION PLC
£700,500 SUBSCRIPTION TO PROVIDE CAPITAL FOR BETTER DEFINING A COPPER PORPHYRY, PURSUING GOLD AND SILVER PROSPECTS AND COMMISSIONING A MILL TO PRODUCE PRECIOUS METAL CONCENTRATES
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Great Western Mining Corporation PLC (AIM – GWMO, Euronext Growth – 8GW), which is
exploring and developing gold, silver and copper targets in the highly prospective Walker Lane
trend of Nevada, is pleased to announce a subscription by a UK investment firm (i) for £600,500
on behalf of its private clients and (ii) for £100,000 on behalf of Premier Miton Investors (the
“Subscription”) for 1,610,344,827 new GWM ordinary shares of €0.0001 each (the “Subscription
Shares”) at a price of 0.0435 pence per Subscription Share to raise gross proceeds of £700,500
for the Company.
Keith Bayley Rogers & Co. Ltd acted as corporate broker to Great Western in
relation to the Subscription.
Great Western Chairman Brian Hall commented:
“With gold prices around an all-time high and a copper porphyry established which requires further
definition, we will be able to put the funds raised today to very good use and look forward to another
busy and productive summer work season in 2024.”
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Great Western plans to use the net proceeds of the Subscription for the following purposes:
• Further work on the West Huntoon copper porphyry identified in 2023, including
geophysics to identify best drill targets including under areas of surface cover.
• Follow-on exploration for precious metals at (1) West Huntoon, where bonanza grade
silver results have recently been announced (2) the undrilled Rhyolite Dome prospect on
the Olympic Gold Project and (3) the M5 prospect where sampling last year indicated a
large surface gold anomaly.
• Working capital for commissioning a 50%-owned processing mill, where construction is
complete and start-up subject to final environmental consent. The mill will produce gold
and silver concentrates from waste material available from the Company’s historic
mines in the area, initially through gravity separation and through chemical leaching in a
second phase.
• Completing the purchase of the Olympic Gold Project.
• General corporate purposes.
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To read the full news release, please click HERE
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The live gold price can be found HERE
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