Great Western raises $1.15m

Great Western raises $1.15m

Great Western Exploration (ASX: GTE) has successfully completed an entitlement issue and placement to raise $1.15 million (before costs), at an issue price of $0.004, with one attaching free listed option for each new share issued, exercisable at $0.01 on or before 30 June 2021.


Great Western Exploration (ASX: GTE) has successfully completed an entitlement issue and placement to raise $1.15 million (before costs), at an issue price of $0.004, with one attaching free listed option for each new share issued, exercisable at $0.01 on or before 30 June 2021.

HIGHLIGHTS

·       Non-renounceable Entitlement Issue and subsequent additional placement successfully completed, raising $1.15 million

·       Capital raising heavily oversubscribed with strong support from existing shareholders and significant demand from new investors

·       Net proceeds will be used to continue high-impact drilling at the Yandal West Gold Project, the assessment of high-grade vanadium gossans at the Yerrida Project and working capital

The entitlement issue and shortfall book build were heavily oversubscribed with strong support from shareholders, as well as significant demand from new investorsfor the shortfall. Due to the very strong demand, the Company has agreed to place additional $377,841 to raise a total of $1.15 million (before costs).

The net proceeds will be used to:

·       Continue high impact RC drilling at the Company’s Yandal West gold project to follow-up the high-grade, Jundee style gold mineralisation that the company believes has the potential to widen at depth and along strike; and

·       Continue the assessment of the high-grade outcropping vanadium mineralisation the Yerrida project where the Company has identified a new 1,800km2 vanadium district.

Great Western’s Managing Director, Jordan Luckett, said “The capital raising was very well supported and allows us to continue to aggressively explore our Yandal West and Yerrida projects.

"We are also eagerly awaiting results from gold drilling at Yandal West where we previously announced that we encountered encouraging geology down dip and along strike of the high-grade lodes at the Ives Find prospect."

CPS Capital Group acted as sole Lead Manager and Underwriter to this capital raising. The additional placement has been completed under Great Western’s placement capacity under LR7.1.

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