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GREAT WESTERN MINERALS GROUP ANNOUNCES $7 MILLION PROSPECTUS OFFERING
GREAT WESTERN MINERALS GROUP ANNOUNCES $7 MILLION PROSPECTUS OFFERING.
About this update from Great Western Minerals Group Ltd
[{"type":"text","content":"\t\t\tNews Release\t\t\tTSX Venture Symbol: GWG US Symbol: GWMGF CUSIP 3914Y 10 3GREAT WESTERN MINERALS GROUP ANNOUNCES $7 MILLION PROSPECTUS OFFERINGJanuary 12, 2010 – Saskatoon, Saskatchewan – Great Western MineralsGroup Ltd. (\"GWMG\" or the \"Company\") is pleased to announce that it hasfiled an amended and restated preliminary short form prospectus withthe securities regulatory authorities in the Provinces of BritishColumbia, Alberta, Saskatchewan, and Ontario in connection with areasonable best efforts offering of units (the \"Units\") of GWMG (the\"Offering\") for gross proceeds of up to $7,000,000, subject to a 15%over-allotment option, at an issue price of $0.28 per Unit. TheOffering will be led by Pope & Company Limited (the \"Agent\").Each Unit will consist of one common share of GWMG and one-half ofone common share purchase warrant (each whole warrant, a \"Warrant\").Each Warrant will entitle its holder to purchase one additional CommonShare for $0.50 and will expire 60 months after the date of the closingof the Offering, subject to acceleration of the exercise period incertain circumstances. Following the closing of the Offering, if theCompany’s daily volume weighted average share price is $1.00 or moreper share for 10 consecutive trading days on the TSX Venture Exchange,or an equivalent stock exchange, the exercise period of the Warrantswill be reduced to 60 days and if not exercised within such period theWarrants shall be deemed expired.The Agent will receive aggregate cash commission of 7% of the grossproceeds of the Offering, and any over-allotment option thereto, andthat number of broker warrants equal to 7% of the total Units placed,and any over-allotment option thereto, excluding therefrom the numberof Units purchased by person(s) identified on the President’s list. Each broker warrant will entitle its holder to purchase one CommonShare for $0.28 for a period of 24 months from the closing date of theOffering.GWMG plans to use the net proceeds from the Offering for purposesthat include, (i) the purchase of new equipment needed to expandproduct offerings at its wholly owned subsidiary Less Common MetalsLtd. in Birkenhead England (“LCM”), (ii) providing additional workingcapital for LCM operations, (iii) conducting further explorationactivities, and (iv) general worki...