Great Western Mining raises £1.15m in placing

Gold, silver and copper exploration and development company Great Western Mining announced on Friday that it had raised £1.15m before expenses via a placing of 92 million new ordinary shares of €0.0001 each, at a price of 1.25p per placing share, to institutions and existing shareholders.

The AIM-traded firm said the net proceeds of the placing would provide the company with additional working capital to bring forward resource drilling on the company's M2 Sharktooth Exploration Target.

Warrants to subscribe for 4.6million new ordinary shares at a price of 1.75p per ordinary share, exercisable within three years from the date of admission of the placing shares, had been issued to Beaufort Securities in connection with the placing, the board confirmed.

“This funding allows Great Western Mining to accelerate the process of turning our M2 copper-gold prospect into the potential world class discovery that the company believes it to be,” said chief executive David Fraser.

“The company already has an extensive field programme planned for this summer for M2 and M4 our second copper-gold prospect in Marietta, Nevada.

“We look forward to future news flow from both projects.”