Great Western Mining raises £1.5m in discounted placing

AIM-listed silver, copper and gold exploration company Great Western Mining has raised £1.5m through a placing of 93.8m ordinary shares at 1.60p each.

The placing price represents a 37% discount to the closing price of Great Western shares on Wednesday. The net proceeds will provide the group with additional working capital to bring forward infill and step-out drilling on its M2 copper-gold prospect.

Chief executive David Fraser said: "We are very grateful for the confidence and support demonstrated by our institutional shareholders in supporting this further funding. The new money, in conjunction with the previously announced placing, will enable the company to take a giant stride in proving the world class potential of its M2 copper-gold prospect.

"The company has a very busy field programme this summer and autumn on its three most advanced prospects, M1, M2 and M4, all in Mineral County, Nevada. We look forward to updating shareholder as the results from this work are generated."

At 1000 BST, the shares were down 41% to 1.49p.