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 acquires 70% of Rare Earth Extraction Co so far
Great Western Minerals Group (TSX-V: GWG) (OTCQX: GWMGF) announced Monday that it has, to date, acquired roughly 70% of Rare Earth Extraction Co (Rareco), the owner of the Steenkampskraal mine in South Africa.
The news follows Great Western's announcement in December, when the company made an all-cash offer for the remaining shares of Rareco that it did not already own. The offer will remain open until February 28th.
In September, Great Western purchased 10 million shares of Rareco, becoming the company's largest shareholder with a 20.8% stake. Following this, the company made a formal offer to acquire all the remaining shares of Rareco at a price of 3.00 South African Rand per share in cash. Rareco's board has already approved the takeover deal.
"This is a pivotal moment in the execution of GWMG's corporate strategy to become a fully integrated, global Rare Earth producer," said president and CEO Jim Engdahl.
"We are extremely pleased to see this level of interest in tendering Rareco shares to Great Western Minerals Group."
Great Western's specialty alloys are used in the battery, magnet and aerospace industries. The company also holds interests in seven rare earth exploration and development properties in North America. It shares were up 8% on Monday to trade at $0.81 as of 3:15pm EST.


















