(Alliance News) - Great Western Mining Corp PLC on Monday said it has raised GBP700,500 ahead of "another busy and productive summer work season."
The Nevada-focused gold, silver and copper explorer announced a subscription by a UK investment firm for GBP600,500 on behalf of its private clients and for GBP100,000 on behalf of Premier Miton Investors.
Under the subscription, 1.61 billion shares priced at 0.0435 pence each will be issued.
On Monday, shares in Great Western were down 20% to 0.050p each in London.
The company said it will use the funds for a range of purposes. Notably, further work on the West Huntoon copper porphyry identified in 2023; follow-on exploration for precious metals at West Huntoon, the undrilled Rhyolite Dome prospect on the Olympic Gold Project, and the M5 prospect; and working capital for commissioning a 50%-owned processing mill.
Great Western Chair Brian Hall commented: "With gold prices around an all-time high and a copper porphyry established which requires further definition, we will be able to put the funds raised today to very good use and look forward to another busy and productive summer work season in 2024."
By Sophie Rose, Alliance News senior reporter
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Great Western (GWMO)