PERTH (miningweekly.com) – ASX-listed junior Great Western Exploration will raise A$2.5-million to fund drilling at its Yandal West gold project, in Western Australia.
The company on Friday announced that it would issue up to 230-million shares at 1.1c each, to a number of sophisticated and professional investors.
The first tranche of the placement, comprising 140-million shares, will be issued under the company’s existing placement capacity, while the second tranche of 90-million shares will be subject to shareholder approval.
Great Western MD Jordan Luckett told shareholders that the company was now well funded to advance its exploration efforts at the newly discovered gold-in-soil trend at the Yandal West gold project.
In addition to funding drilling at Yandal West, the placement proceeds will also be used to advance the Yerrida and Fairbairn projects, including soil sampling, geophysics and possibly reverse circulation drilling, as well as for working capital purposes.