Great Western Mining Corp. plc Placing to Raise gross proceeds of £1,150,000 (2650I)
16 June 2017 - 4:00PM
UK Regulatory
TIDMGWMO
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 GBP1,150,000
Great Western Mining, the AIM and ESM quoted gold, silver and
copper exploration and development company, is pleased to announce
that it has raised GBP1,150,000 (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 +44 207 933 8795 (via Walbrook)
Corporation Plc
David Fraser, Chief
Executive
Davy (Nomad, ESM
Adviser & Joint
Broker)
John Frain +353 1 679 6363
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
END
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