Great Western Mining Corporation PLC (AIM:GWMO) said it has completed an oversubscribed placing to raise gross proceeds before expenses of £800,000 through the issue of 1 billion new shares at 0.08p each.
The net proceeds will primarily be used to accelerate construction of a mill for production of gold and silver concentrates on the company’s operations in Nevada, as well as for the next phase of exploration and appraisal of gold and silver prospects.
Three directors participated in the placing, and chairman Brian Hall now holds 172.5mln shares, or 3.77% of the company.
"The net proceeds from the placing will allow the company to commit to constructing the mill which will process gold and silver concentrates in anticipation of first revenues,” said Hall in a statement.
“These funds will also accelerate the next phase of exploration, including the drilling of pre-permitted shallow follow-up holes at Mineral Jackpot and for further work at the OMCO Mine to appraise significant intercepts encountered in 2022," he added.
Great Western Mining also said SP Angel Corporate Finance has been appointed as its joint broker with immediate effect.