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GREAT WESTERN MINERALS GROUP COMPLETES ACQUISITION OF 100% OF RARE EARTH EXTRACTION CO. LIMITED SHARES
GREAT WESTERN MINERALS GROUP COMPLETES ACQUISITION OF 100% OF RARE EARTH EXTRACTION CO. LIMITED SHARES.
About this update from Great Western Minerals Group Ltd
[{"type":"text","content":"GREAT WESTERN MINERALS GROUP LTD. TSX Venture Symbol: GWG CUSIP: 39141Y 10 3OTCQX: GWMGF GREAT WESTERN MINERALS GROUP COMPLETES ACQUISITION OF 100% OF RARE EARTH EXTRACTION CO. LIMITED SHARES July 14, 2011 - Saskatoon, Canada: Great Western Minerals Group Ltd. (\"GWMG\" or the \"Company\", TSX:V – GWG) is pleased to announce that it has completed the acquisition of 100% of the shares of Rare Earth Extraction Co. Limited (“Rareco”). GWMG initiated and completed the exercise of its rights to compel the acquisition of the remaining shares of Rareco that it did not already hold under Section 440K of the Companies Act (South Africa). GWMG previously announced that it had posted an all-cash offer circular to the shareholders of Rareco on December 21, 2010 and had acquired the requisite 90% of Rareco shares, which entitled GWMG to initiate the compulsory acquisition provisions under Section 440K of the Companies Act (South Africa). (See December 21, 2010 GWMG News Release: “Great Western Minerals Group Delivers Offer Circular To Rareco Shareholders and March 2, 2011 GWMG News Release: “Great Western Minerals Group Completes Rareco Purchase”). “This final step in the acquisition of 100% of the shares of Rareco further positions GWMG to execute its fast track development strategy at the Steenkampskraal Rare Earth project,” said GWMG President and Chief Executive Officer Jim Engdahl. Great Western Minerals Group Ltd. is an integrated Rare Earths processor. Its specialty alloys are used in the battery, magnet and aerospace industries. Produced at the Company's wholly owned subsidiaries Less Common Metals Limited in Birkenhead, U.K. and Great Western Technologies Inc. in Troy, Michigan, these alloys contain aluminium, nickel, cobalt and Rare Earth Elements. As part of the Company's vertical integration strategy, GWMG has signed an Off-take Agreement for 100% of the Rare Earth Elements to be produc...