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GREAT WESTERN MINERALS GROUP ANNOUNCES CLOSING OF $8 MILLION OFFERING INCLUDING A FULL EXERCISE OF THE OVER-ALLOTMENT OPTION
GREAT WESTERN MINERALS GROUP ANNOUNCES CLOSING OF $8 MILLION OFFERING INCLUDING A FULL EXERCISE OF THE OVER-ALLOTMENT OPTION.
About this update from Great Western Minerals Group Ltd
[{"type":"text","content":"GREAT WESTERN MINERALS GROUP LTD. (Not for Distribution to the United States Newswire Services or for Dissemination in the United States) TSX Venture Exchange Symbol: GWGPink Sheets: GWMGF GREAT WESTERN MINERALS GROUP ANNOUNCES CLOSING OF $8 MILLION OFFERING INCLUDING A FULL EXERCISE OF THE OVER-ALLOTMENT OPTIONJanuary 25, 2010 – Saskatoon, Saskatchewan – Great Western Minerals Group Ltd. (\"GWMG\" or the \"Company\") is pleased to announce that it has closed its previously announced short form prospectus offering, raising gross proceeds of $8,050,000 for the Company. Pope & Company Limited of Toronto (\"Pope & Company\") acted as exclusive agent for the Company with respect to the sale of 28,750,000 units (\"Units\") of GWMG at a price of $0.28 per Unit (the \"Unit Offering\"). In connection with the Unit Offering, the Company granted Pope & Company an over-allotment option to require GWMG to issue up to an additional 15% of the Units actually sold at the closing of the Unit Offering, which Pope & Company exercised in order to increase the number of Units sold from 25,000,000 to 28,750,000.Each Unit consists of one common share (a \"Common Share\") of GWMG and one-half of one Common Share purchase warrant (each whole warrant a \"Unit Warrant\"). Each whole Unit Warrant entitles the holder thereof to purchase one Common Share for a price of $0.50 per Common Share until 4:00 p.m. (Saskatoon time) on January 25, 2015, subject to acceleration of the exercise period in certain circumstances. If following the closing of the Unit Offering, the Company's daily volume weighted average share price is $1.00 or more per common share for ten consecutive trading days on the TSX Venture Exchange (the \"TSXV\"), or an equivalent stock exchange (the \"Accelerating Event\"), the exercise period of the Unit Warrants shall be reduced to the date that is sixty days following the Accelerating Event without any further action on the part of the Company or the holder of the Unit Warrants. In the event that the Unit Warrants are not exercised within such period, the Unit Warrants so amended shall be deemed to be expired.Pope & Company was paid a cash commission of $563,500 in connection with the Unit Offering and received an aggregate of 2,012,500 broker warrants to acquire u...