REG - Great Western Mining - Share capital reorganisation & Notice of GM

Great Western MiningAnnouncement

24/02/2025 15:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250224:nRSX2479Ya&default-theme=true

RNS Number : 2479Y  Great Western Mining Corp. plc  24 February 2025

This announcement contains inside information

 

24 February 2025

 

GREAT WESTERN MINING CORPORATION PLC

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

 

PROPOSED SHARE CAPITAL REORGANISATION

AND

NOTICE OF GENERAL MEETING

 

Great Western (AIM - GWMO, Euronext Growth - 8GW) announces that it is
proposing to implement a share capital reorganisation whereby (i) the ordinary
share capital of the Company will be consolidated on the basis of 1
Consolidated Ordinary Share of €0.02 each for every 200 Existing Ordinary
Shares of €0.0001 each followed by (ii) the sub-division of 1 Consolidated
Ordinary Share of €0.02 each into 1 New Ordinary Share of €0.0001 each and
1 Deferred Share of €0.0199 each (the "Share Capital Reorganisation").

 

The Company has today posted a circular to shareholders in connection with the
Share Capital Reorganisation which is available on its website at
www.greatwesternmining.com (the "Circular"). The Circular contains a general
update as well as information about the background to and reasons for the
proposed the Share Capital Reorganisation, to explain why the Board considers
the share capital reorganisation to be in the best interests of the Company
and its Shareholders as a whole, and why the Directors recommend that you vote
in favour of the resolutions to be proposed at a general meeting to be held at
1 Windmill Lane, Dublin 2, Ireland on 20 March 2025 at 2:30 p.m. (GMT).

 

Upon implementation of Share Capital Reorganisation, Shareholders on the
register of members of the Company on the Record Date, which is expected to be
6 p.m. on 28 March 2025, will exchange every 200 Existing Ordinary Shares they
hold for 1 New Ordinary Share and 1 Deferred Share. The proportion of the
issued ordinary share capital of the Company held by each Shareholder
following the Share Consolidation will, save for fractional entitlements and
subject to the exercise of share options and warrants, be unchanged.

 

Application will be made for the New Ordinary Shares arising from the Share
Consolidation and Sub-division to be admitted to trading on the Euronext
Growth Market and AIM. It is expected that admission will become effective and
that dealings in the New Ordinary Shares will commence at 8:00 a.m. on 31
March 2025.

 

Voting

 

We encourage all shareholders to submit their proxy forms as soon as possible
to ensure their vote counts.  The deadline for submitting proxies is 2:30
p.m. Tuesday 18 March 2025. There are several ways for shareholders to
exercise their right to vote remotely at the EGM:

 

·      by submitting a validly completed proxy form to Computershare
appointing the chair of the meeting as a proxy to vote on their behalf;

·      by visiting www.eproxyappointment.com
(http://www.eproxyappointment.com/) and submitting their proxy details; or

·      by appointing a proxy as set out in the Voting Instructions on
pages 9 and 10 in the Circular.

 

EGM conference call

 

Shareholders may listen to the proceedings of the EGM remotely by using
teleconference facilities provided by the Company for this purpose.

 

Telephone dial-in-details

 

1.   Please join the event conference prior to the start time by dialling
the appropriate telephone number from the list below and enter the Participant
passcode:

a.   Ireland: +353 (0)1 436 0958

b.   UK / International: +44 (0) 800 358 1650

2.   Enter the participant passcode: 9556284 and follow instructions.

3.   You will be able to listen to the business of the EGM only, you will
not be able to use this facility to vote, raise points or issues, ask
questions or table resolutions.

 

Results of resolutions

 

All resolutions at the EGM will be put to a poll.  Great Western will publish
the results of the poll relating to the resolutions tabled at the EGM later on
the day of the meeting on the Company's website, www.greatwesternmining.com.

 

For further information:

 

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

 Davy (NOMAD, Euronext Growth Listing Sponsor & Joint Broker)

 Brian Garrahy                                                                                +353 1 679 6363

 SP Angel Corporate Finance LLP (Joint Broker)

 Ewan Leggat/Adam Cowl                                                                        +44 203 470 0470

 Walbrook PR (PR advisers)

 Nick Rome/Joseph                                                                             +44 207 933 8783
 Walker

 

 

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 the
seventh and most recent acquisition, the Olympic Gold Project, is in the east
of the county, some 50 miles from the main group.  All the Company's claims
are 100% owned. Claims at the Eastside Mine Group have been contributed to a
pooling agreement with Bronco Creek Exploration, Inc. and in addition the
Company participates in the Huntoon Mine Area Cooperation Agreement with
landowner-neighbour Crowne Point Resources with whom it shares resources.
Great Western's small exploration team is supported by locally based
consultants and contractors.

 

The state of Nevada is 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 is constructing a mill 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  CARSEFFLLEISELE