Source - LSE Regulatory
RNS Number : 9565M
Great Western Mining Corp. plc
17 January 2023
 

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

GREAT WESTERN MINING CORPORATION PLC

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

Placing of New Ordinary Shares and Appointment of Joint Broker

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW), which is exploring and developing gold, silver and copper targets in Mineral County, Nevada, is pleased to announce the successful completion of an oversubscribed placing to raise gross proceeds (before expenses) of £800,000 through the issue of 1,000,000,000 new Ordinary Shares of €0.0001 each (the "Placing Shares") at a price of 0.08 pence each (the "Placing"). SP Angel Corporate Finance LLP acted as Broker in respect of the Placing. The net proceeds will primarily be used to accelerate construction of a mill for production of gold and silver concentrates, as well as the next phase of exploration and appraisal of gold and silver prospects. The Placing is conditional on Admission.

APPOINTMENT OF JOINT BROKER

The Company is pleased to announce the appointment of SP Angel Corporate Finance LLP as its joint broker with immediate effect.

DIRECTOR PARTICIPATION

Brian Hall, Robert O'Connell and Max Williams, directors of the Company, will participate in the above share issue as follows:

Director

Ordinary Shares to be issued

Resultant holding of Ordinary Shares

Resultant percentage holding (of enlarged issued share capital)

Brian Hall

62,500,000

172,500,000

3.77%

Max Williams

12,500,000

62,500,000

1.37%

Robert O'Connell

12,500,000

34,170,490

0.75%

 

SETTLEMENT AND ADMISSION

Application will be made to the London Stock Exchange and Euronext Dublin for admission of the Placing Shares to trading on the AIM and Euronext Growth markets respectively ("Admission"). The Placing Shares will rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading. It is expected that admission will become effective and dealings in the Placing Shares will commence on AIM and Euronext Growth at 8.00 a.m. on 20 January 2023 (or such later date as may be agreed between the Company and the Broker, but no later than 8.00 a.m. on 23 January 2023).

 Great Western Chairman Brian Hall commented:  "The net proceeds from the Placing will allow the Company to commit to constructing the mill which will process gold and silver concentrates in anticipation of first revenues. These funds will also accelerate the next phase of exploration, including the drilling of pre-permitted shallow follow-up holes at Mineral Jackpot and for further work at the OMCO Mine to appraise significant intercepts encountered in 2022. We look forward to building on the successes of our last two drilling seasons and would like to welcome SP Angel as we look ahead to the rest of 2023."

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

 


Novum Securities (Joint Broker)

Jon Belliss           

 

+44 207 399 9400

 


SP Angel Corporate Finance LLP (Joint Broker)

Ewan Leggat/Harry Davies-Ball

 

                +44 203 470 0470

 


Walbrook PR (PR advisers)

Nick Rome/Joe Walker                                 

 

+44 207 933 8783

 

Notes to Editors

The Company has a large tract of acreage in Mineral County, Nevada. The area consists partly 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 is constructing a mill to process pre-mined material for secondary recovery of gold and silver. 

GWM has established an Inferred Resource Estimate of 31,000 tonnes grading 1.6 g/t gold and 3.0 g/t silver in tailings at the OMOC Mine at the Olympic Gold Project.  It has also established Exploration targets.  In addition, the Company has reported an Exploration Target 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.

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. 

 

 

 

Notification of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them

 

 [This form is required for disclosure of transactions under Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation)]

 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

BRIAN HALL

 

 

 

 

 

Reason for the notification

 

a)

Position/status

DIRECTOR

 

 

 

 

 

 

b)

Initial Notification Amendment

INITIAL NOTIFICATION

 

 

 

 

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

GREAT WESTERN MINING CORPORATION PLC

 

b)

LEI

635400NZ1RTHSGDVNQ43

 

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial  instrument,

type  of

instrument

Identification code

ORDINARY SHARES OF €0.0001 EACH

 

 

ISIN: IE00B1FR8863

 

b)

Nature of the transaction  

 

SUBSCRIPTION FOR SHARES

 

 

 

 

 

 

                                                 

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

0.08 PENCE

62,500,000

 

 

d)

Aggregated information

- Aggregated volume

- Price

 

 

NOT APPLICABLE

 

 

e)

Date of the transaction

20 JANUARY 2023

 

 

f)

Place of the transaction

OUTSIDE A TRADING VENUE

 

 

 

 

 

g)

Additional Information

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notification of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them

 

 [This form is required for disclosure of transactions under Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation)]

 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

ROBERT O'CONNELL

 

 

 

 

 

Reason for the notification

 

a)

Position/status

DIRECTOR

 

 

 

 

 

 

b)

Initial Notification Amendment

INITIAL NOTIFICATION

 

 

 

 

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

GREAT WESTERN MINING CORPORATION PLC

 

b)

LEI

635400NZ1RTHSGDVNQ43

 

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial  instrument,

type  of

instrument

Identification code

ORDINARY SHARES OF €0.0001 EACH

 

 

ISIN: IE00B1FR8863

 

b)

Nature of the transaction  

 

SUBSCRIPTION FOR SHARES

 

 

 

 

 

 

 

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

0.08 PENCE

12,500,000

 

 

d)

Aggregated information

- Aggregated volume

- Price

 

 

NOT APPLICABLE

 

 

e)

Date of the transaction

20 JANUARY 2023

 

 

f)

Place of the transaction

OUTSIDE A TRADING VENUE

 

 

 

 

 

g)

Additional Information

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notification of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them

 

 [This form is required for disclosure of transactions under Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation)]

 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

MAX WILLIAMS

 

 

 

 

 

Reason for the notification

 

a)

Position/status

DIRECTOR

 

 

 

 

 

 

b)

Initial Notification Amendment

INITIAL NOTIFICATION

 

 

 

 

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

GREAT WESTERN MINING CORPORATION PLC

 

b)

LEI

635400NZ1RTHSGDVNQ43

 

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial  instrument,

type  of

instrument

Identification code

ORDINARY SHARES OF €0.0001 EACH

 

 

ISIN: IE00B1FR8863

 

b)

Nature of the transaction  

 

SUBSCRIPTION FOR SHARES

 

 

 

 

 

 

 

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

0.08 PENCE

12,500,000

 

 

d)

Aggregated information

- Aggregated volume

- Price

 

 

NOT APPLICABLE

 

 

e)

Date of the transaction

20 JANUARY 2023

 

 

f)

Place of the transaction

OUTSIDE A TRADING VENUE

 

 

 

 

 

g)

Additional Information

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

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