Great Western Mining Corporation PLC (AIM – GWMO, Euronext Growth – 8GW), which is exploring and developing gold, silver and copper targets in Mineral County, Nevada.
Is pleased to announce the successful completion of an oversubscribed placing to raise gross proceeds (before expenses) of £800,000 through the issue of 1,000,000,000 new Ordinary Shares of €0.0001 each (the “Placing Shares”) at a price of 0.08 pence each (the “Placing”). SP Angel Corporate Finance LLP acted as Broker in respect of the Placing. The net proceeds will primarily be used to accelerate construction of a mill for production of gold and silver concentrates, as well as the next phase of exploration and appraisal of gold and silver prospects. The Placing is conditional on Admission.
APPOINTMENT OF JOINT BROKER
The Company is pleased to announce the appointment of SP Angel Corporate Finance LLP as its joint broker with immediate effect.
DIRECTOR PARTICIPATION
Brian Hall, Robert O’Connell and Max Williams, directors of the Company, will participate in the above share issue as follows:
|
Director |
Ordinary Shares to be issued |
Resultant holding of Ordinary Shares |
Resultant percentage holding (of enlarged issued share capital) |
|
Brian Hall |
62,500,000 |
172,500,000 |
3.77% |
|
Max Williams |
12,500,000 |
62,500,000 |
1.37% |
|
Robert O’Connell |
12,500,000 |
34,170,490 |
0.75% |
SETTLEMENT AND ADMISSION
Application will be made to the London Stock Exchange and Euronext Dublin for admission of the Placing Shares to trading on the AIM and Euronext Growth markets respectively (“Admission”). The Placing Shares will rank pari passu with the Company’s existing issued Ordinary Shares, to be admitted to trading. It is expected that admission will become effective and dealings in the Placing Shares will commence on AIM and Euronext Growth at 8.00 a.m. on 20 January 2023 (or such later date as may be agreed between the Company and the Broker, but no later than 8.00 a.m. on 23 January 2023).
  Great Western Chairman Brian Hall commented :  “The net proceeds from the Placing will allow the Company to commit to constructing the mill which will process gold and silver concentrates in anticipation of first revenues. These funds will also accelerate the next phase of exploration, including the drilling of pre-permitted shallow follow-up holes at Mineral Jackpot and for further work at the OMCO Mine to appraise significant intercepts encountered in 2022. We look forward to building on the successes of our last two drilling seasons and would like to welcome SP Angel as we look ahead to the rest of 2023.”
For further information:
|
Great Western Mining Corporation PLC |
|
|
Brian Hall, Chairman |
+44 207 933 8780 |
|
Max Williams, Finance Director |
+44 207 933 8780 |
