www.gwmg.ca
Great Western Minerals Group Ltd. is a Canadian-based company with six rare earth exploration and development properties in North America with an option on a sizable additional property in South Africa. In addition, as part of the Company’s strategy to pursue a vertically-integrated business model, the Company's wholly-owned subsidiaries of Less Common Metals Limited located in Birkenhead UK, and Great Western Technologies Inc., located in Troy, Michigan, produce a variety of specialty alloys for use in the battery, magnet and aerospace industries. These "designer" alloys include those containing copper, nickel, cobalt and the rare earth elements.
Great Western Minerals agrees to terms of $35m offering
Great Western Minerals Group (TSX-V:GWG) has agreed to the terms an offering for gross proceeds of up to $35 million, it said Thursday.
Byron Securities and Salman Partners, the company's agents, will offer up to a maximum of around 106 million units of Great Western at a price of $0.33 per unit. Each unit will consist of one common share of the company and one-half of one common share purchase warrant, with each whole warrant good for one common share at a price of $0.45 until two years from the date of closing.
Closing of the financing is subject to certain conditions, and is expected to take place around October 15, 2010.
Great Western Minerals is a rare earths processor. Its specialty alloys are used in the battery, magnet and aerospace industries.
The company has signed an off-take agreement for 100% of the rare earth elements produced at the former-producing Steenkampskraal mine in South Africa, and holds 20.8% ownership in Rare Earth Extraction, the owner of the Steenkampskraal mine. It also holds interests in seven rare earth exploration and development properties in North America.
