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(Alliance News) - Great Western Mining Corp PLC on Thursday said it has raised GBP320,000 before expenses through a share placing.
The AIM-listed mineral exploration company said it issued 290.9 million shares at a price of 0.11 pence each to accelerate exploitation of gold prospects over the Mineral Jackpot group of mines, located in the US state of Nevada.
The stock was 29% lower in London in morning trade at the issue price of 0.11p, giving Great Western Mining a market capitalisation of GBP1.2 million.
In addition, Great Western Mining said it will take the next steps to define a potential mine development at the Rock House prospect, also in Nevada, through a geophysical survey and drilling.
The Dublin-headquartered company said the funding will also allow it to pursue and complete an acquisition of an already-defined new gold opportunity elsewhere in Nevada, subject to agreement.
"The placing funds will greatly assist our activity level and we look forward to providing updates in due course," said Chair Brian Hall.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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