Great Western Mining has raised £1,150,000, gross, through a placing of 92,000,000 new ordinary shares at 1.25p apiece.
The placing was conducted by Beaufort Securities. Great Western Mining said the net proceeds would provide the company with additional working capital to bring forward resource drilling on the its M2 Sharktooth exploration target.
Great Western Mining said warrants to subscribe for 4,600,000 new ordinary shares at 1.75p apiece, exercisable within 3 years from the date of admission of the placing shares, had been issued to Beaufort in connection with the placing.
Chief executive David Fraser said: "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.
"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."
At 9:40am: (LON:GWMO) Great Western Mining Corporation PLC share price was -0.32p at 1.39p