PERTH (miningweekly.com) – Junior Great Western Exploration will raise A$5-million through a share placement to professional and sophisticated investors to fund exploration work.
The company has received binding commitments for the placement of 20-million new shares, at a price of 25c each, with the placement to be made under Great Western’s existing placement capacity.
“We are very pleased to have received such ongoing, strong support for the capital raising from our existing cornerstone and other large shareholders, and from new investors including many highly regarded mining executives,” said Great Western MD Tom Ridges.
“We are now very well funded to aggressively pursue our very high impact drilling programme in respect of well defined, large targets across three projects, while continuing to progress our extensive, high quality projects.”
The junior is planning drilling at the Finlayson camp, at its Golden Corridor project, as well as drilling at the large scale Copperhead and Taipan copper/gold targets, at the Copper Ridge project, as well as drilling at the newly identified Golden Bullock target, at the Atley North gold project.