Business
Placing to Raise gross proceeds of £1,500,000
Placing to Raise gross proceeds of £1,500,000.
About this update from Great Western Mining Corp. Plc
[{"type":"text","content":"\n \nRNS Number : 8133I Great Western Mining Corp. plc 22 June 2017 \n\n \nGreat Western Mining Corporation PLC\n\n(\"Great Western Mining\" or the \"Company\")\n \n \nPlacing to Raise gross proceeds of £1,500,000\n \nDue to demand from existing institutional shareholders Great Western Mining, the AIM and ESM quoted gold, silver and copper exploration and development company, is pleased to announce that it has raised £1,500,000 (before expenses) via a placing (the \"Placing\") of 93,750,000 new Ordinary Shares of EUR 0.0001 each (the \"Placing Shares\") at a price of 1.60 pence per Placing Share. The placing was conducted by Beaufort Securities Limited (\"Beaufort\").\n \nThe net proceeds of the Placing will provide the Company with additional working capital to bring forward infill and step-out drilling on the Company's M2 Copper-Gold prospect, with the dual target of increasing the size of the current independently verified Indicated and Inferred JORC Mineral Resource and advancing this resource to a JORC Measured and Indicated status, with the possibility of JORC Reserves.\n \nDavid Fraser, Chief Executive, commented:\n \n\"We are very grateful for the confidence and support demonstrated by our institutional shareholders in supporting this further funding. The new money, in conjunction with the previously announced placing, will enable the Company to take a giant stride in proving the world class potential of its M2 Copper-Gold prospect. The Company has a very busy field programme this summer and autumn on its three most advanced prospects, M1, M2 and M4, all in Mineral County, Nevada. We look forward to updating shareholder as the results from this work are generated.\"\n \nDetails of Placing and Total Voting Rights\n \nApplication 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 06 July 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 15.94% of the Company's enlarged issued share capital following admission of the Placing Shares.\n \nFollowing the issue of the Placing Shares...