Business
£500,000 Placing of New Ordinary Shares
£500,000 Placing of New Ordinary Shares.
About this update from Great Western Mining Corp. Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014.\n \n \n25 June 2024\nGREAT WESTERN MINING CORPORATION PLC\n(\"Great Western\", \"GWM\" or the \"Company\")\n \n£500,000 PLACING OF NEW ORDINARY SHARES\n \nGreat Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW), which is exploring and developing gold, silver and copper targets in the highly prospective Walker Lane trend of Nevada, is pleased to announce a placing to raise gross proceeds (before expenses) of £500,000 through the issue of 1,250,000,000 new Ordinary Shares of €0.0001 each (the \"Placing Shares\") at a price of 0.04 pence each (the \"Placing\"). CMC Markets UK Plc trading as CMC CapX, acted as the Company's placing agent in respect of the placing. \n \nUSE OF PROCEEDS\n \nGreat Western plans to use the net proceeds of the Placing for some or all of the following purposes:\n \n· Transport the Company's first raw material from remote sites to Western Milling LLC's precious metals processing plant in which Great Western has a 50% interest. \n· Continue an active programme at West Huntoon which includes (i) a geochronological analysis to age-date and correlate data on the copper porphyry with neighbouring prospects (ii) a trenching programme to test for copper in the area of granites identified last year and to follow up bonanza-grade silver soil samples identified through surface grabs in 2023 and (iii) to commence precious metals exploration with the Company's joint venture partner under the Huntoon Mine Cooperation agreement signed earlier this year.\n· Carry out further work on the undrilled Rhyolite Dome in the southern part of the Olympic Gold Project, including geophysics to identify best drill targets.\n· Follow-up soil sampling programmes at Rock House Group and Jack Springs Group where gold and silver intercepts have already been encountered and reconnaissance soil sampling at the TUN Group.\n· General corporate purposes.\n \nGreat Western Executive Chairman Brian Hall commented: \"Our projects are moving forward on all fronts. The Western Milling joint venture, in which we hold a 50% interest, has now received not...