REG - Great Western Mining - £700,500 Subscription

Great Western MiningAnnouncement

11/03/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240311:nRSK2372Ga&default-theme=true

RNS Number : 2372G  Great Western Mining Corp. plc  11 March 2024

This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014.

 

 

11 March 2024

GREAT WESTERN MINING CORPORATION PLC

("Great Western", "GWM" or the "Company")

 

£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

 

Great 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.

 

Great Western plans to use the net proceeds of the Subscription for the
following purposes:

 

·    Further work on the West Huntoon copper porphyry identified in 2023,
including geophysics to identify best drill targets including under areas of
surface cover.

·    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.

·    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.

·    Completing the purchase of the Olympic Gold Project.

·    General corporate purposes.

 

Great Western Chairman Brian Hall commented:

 

"With gold prices around an all-time high and a copper porphyry established
which requires further definition, we will be able to put the funds raised
today to very good use and look forward to another busy and productive summer
work season in 2024."

 

ADMISSION OF NEW SHARES AND TOTAL VOTING RIGHTS

Admission of the Subscription Shares to trading on the AIM and Euronext Growth
markets is expected to occur on or around 19 March 2024 ("Admission").  The
Subscription is conditional on Admission.

 

Following Admission, the Company's issued ordinary share capital will comprise
7,096,945,746 ordinary shares of €0.0001.  There are no ordinary shares
held in treasury.  Accordingly, this number will represent the total voting
rights in the Company, and, following admission of the Subscription Shares,
may be used by shareholders as the denominator for the calculation by which
they can determine if they are required to notify their interest in, or a
change to their interest in, the Company under the Financial Conduct
Authority's Disclosure and Transparency Rules. The new shares will rank pari
passu in all respects with the ordinary shares of the Company currently traded
on AIM and Euronext Growth.

 

For further information:

 

 Great Western Mining Corporation PLC
 Brian Hall, Chairman                                              +44 207 933 8780
 Max Williams, Finance Director                                    +44 207 933 8780

 Davy (NOMAD, Euronext Growth Listing Sponsor & Joint Broker)
 Brian Garrahy                                                     +353 1 679 6363

 SP Angel (Joint Broker)
 Ewan Leggat/Harry Davies-Ball                                     +44 203 470 0470

 Walbrook PR (PR advisers)
 Nick Rome                                                         +44 207 933 8783

 

NOTES TO EDITORS

The Company has a large tract of acreage in Mineral County, Nevada. The area
consists of rugged, mountainous terrain, which means that large parts of it
remain under-explored. Mineral potential is hosted by the regional Walker Lane
Structural Belt, the largest structural and metallogenic belt in Nevada, yet
one of the least explored in recent times, with gold, silver and copper
currently produced in Mineral County. Great Western has seven distinct
concession areas which offer the potential for exploiting (1) short term gold
and silver deposits and (2) long-term, world-class copper deposits.

 

Six of the Company's properties are in the west of Mineral County and are 100%
owned and operated. The Company has an option to acquire a seventh property,
the Olympic Gold Project, in the east of the county. Great Western's small
exploration team is supported by locally based consultants and contractors.

 

The state of Nevada is generally considered to be one of the world's most
mining friendly jurisdictions. While tightly regulated and environmentally
conscious, Nevada welcomes the mining industry. Great Western takes care to
ensure that its claims are maintained in good standing and all regulations
observed.

 

There are numerous gold and silver prospects on the Company's acreage,
including extensive historic mine workings which offer the opportunity for
secondary recovery. The Company is party to a 50-50 joint venture known as
Western Milling LLC which has constructed a mill, subject to commissioning, to
process pre-mined material for secondary recovery of gold and silver.

 

Furthermore, through extensive drilling over a five-year period, GWM has
established a Mineral Resource on its first target area known as M2, of 4.3
million tonnes at 0.45% copper, for 19,000 tonnes of contained copper metal.
This resource has been independently reported in accordance with JORC
guidelines.

 

GWM has also established an Inferred Resource Estimate of 31,000 tonnes
grading 1.6 g/t gold and 3.0 g/t silver in tailings associated with the OMCO
Mine at the Olympic Gold Project.  Additionally, exploration targets have
been independently reported as follows:

 

·    3,400 - 6,400 tonnes grading between 0.5 and 1.2 g/t Au and 1.2 and
2.1 g/t Ag in the substrate beneath the tailings volume at the Olympic Mine.

·    9,000 - 12,000 tonnes grading between 0.9 and 2.4 g/t Au and 2.0 and
5.1 g/t Ag in a coarse stockpile at Olympic Mine.

·    4,200 - 7,700 tonnes grading between 40 and 140 g/t Ag and 0.3 and
0.3 g/t Au in spoil heaps at Mineral Jackpot.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEQKFBKFBKDQNK