Business
Update Re: Proposed Admission to AIM
Update Re: Proposed Admission to AIM.
About this update from Great Western Mining Corp. Plc
[{"type":"text","content":"\n \n\n 4 August 2011\n\n Great Western Mining Corporation PLC\n ('GWM' or the 'Company' or the 'Group')\n\n Update Re: Proposed Admission to AIM\n\nGWM, (PLUS:GWMO), the Irish registered mining exploration company with claims located in Mineral County,\nNevada, USA, announces that in connection with its proposed admission to the AIM Market of London Stock\nExchange plc (\"AIM\"), a Schedule One announcement prior to admission in accordance with Rule 2 of the AIM\nRules for Companies has today been released.\n\nIt is expected that admission to AIM will become effective in conjunction with a proposed £979,195\nfundraising, via a proposed placing of 8,901,773 new ordinary shares at a proposed issue price of 11 pence\nper ordinary share (the \"Proposed Placing\"). It is expected that the Company's admission to trading on AIM\nwill become effective on 18 August 2011. The Proposed Placing is, inter alia, conditional on the Company's\nadmission to trading on AIM. Following the completion of the Proposed Placing, the Company's enlarged\nissued share capital will consist of 46,389,201 ordinary shares, with each ordinary share having one right\nto vote. The Company, at this stage, has not yet made a decision regarding whether it will withdraw from,\nor remain quoted on, the PLUS-quoted market.\n\nIt is expected that the Company's Chairman, Emmett O'Connell, will participate in the Proposed Placing, and\nwill purchase 500,000 ordinary shares at an issue price of 11 pence per ordinary share. As a result of\nEmmett O'Connell's proposed participation, his shareholding in the Company will increase from 6,952,818\nordinary shares (representing 18.55% of the voting rights in the current issued ordinary share capital of\nthe Company) to 7,452,818 ordinary shares (representing 16.07% of the voting rights in the enlarged issued\nordinary share capital of the Company after the Proposed Placing and admission to AIM). Emmett O'Connell's\nabove holdings include ordinary shares held by his wife, Mary O'Connell, and ordinary shares held by the\nEmmett O'Connell pension fund.\n\nThe Company's interim results for the six months to 30 June 2011 are due to be announced on or before 30\nSeptember 2011, and as such the Company is currently in a 'Close Period' as defined in Rule 72 of Part 2 of\nthe PLUS Rules for Issuers. In order to allow Emmett O'Connell to...