Business
£700,500 Subscription
£700,500 Subscription.
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 \n11 March 2024\nGREAT WESTERN MINING CORPORATION PLC\n(\"Great Western\", \"GWM\" or the \"Company\")\n \n£700,500 SUBSCRIPTION TO PROVIDE CAPITAL FOR BETTER DEFINING A COPPER PORPHYRY, PURSUING GOLD AND SILVER PROSPECTS AND COMMISSIONING A MILL TO PRODUCE PRECIOUS METAL CONCENTRATES\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 subscription by a UK investment firm (i) for £600,500 on behalf of its private clients and (ii) for £100,000 on behalf of Premier Miton Investors (the \"Subscription\") for 1,610,344,827 new GWM ordinary shares of €0.0001 each (the \"Subscription Shares\") at a price of 0.0435 pence per Subscription Share to raise gross proceeds of £700,500 for the Company. Keith Bayley Rogers & Co. Ltd acted as corporate broker to Great Western in relation to the Subscription.\n \nGreat Western plans to use the net proceeds of the Subscription for the following purposes:\n \n· Further work on the West Huntoon copper porphyry identified in 2023, including geophysics to identify best drill targets including under areas of surface cover.\n· Follow-on exploration for precious metals at (1) West Huntoon, where bonanza grade silver results have recently been announced (2) the undrilled Rhyolite Dome prospect on the Olympic Gold Project and (3) the M5 prospect where sampling last year indicated a large surface gold anomaly.\n· Working capital for commissioning a 50%-owned processing mill, where construction is complete and start-up subject to final environmental consent. The mill will produce gold and silver concentrates from waste material available from the Company's historic mines in the area, initially through gravity separation and through chemical leaching in a second phase.\n· Completing the purchase of the Olympic Gold Project.\n· General corporate purposes.\n \nGreat Western Chairman Brian Hall commented:\n \n\"With gold prices around an all-time high and a copper porphyry est...