Great Western Exploration Limited (ASX: GTE) has announced that it has received binding commitments from professional and sophisticated investors to raise A$3.5M. The placement ensures that Great Western is fully funded for its high-impact exploration programmes, which will include the drilling of both the Oval and the Oval South Winu Style intrusive related copper gold targets within the Yerrida North Copper-Gold Project, commencing with the giant Oval target in September 2024.
Great Western has stated that it appreciates the support of the WA Government’s Exploration Incentive Scheme (EIS) for its co-funding for this diamond drilling. Managing director, Mr Shane Pike, commented, “We will soon have the drill rig turning on the giant Oval target at our 100% Yerrida North Project, where the company will endeavour to make a very significant discovery. We thank our shareholders for their support of our forthcoming exploration programmes, and also welcome new shareholders to the company.”
The placement comprises ~134.6M new fully paid ordinary shares in the company to be issued at an issue price of A$0.026 per new share. In addition to the placement and subject to shareholder approval, the company will issue one unlisted option for every one new share issued, with each option having an exercise price of A$0.08 cents and expiring on 15 July 2025. New shares will rank equally with existing fully paid ordinary shares.
The placement will be conducted across two tranches:
• 87M new shares being issued pursuant to the company’s existing placement capacity, with allotment of the Tranche 1 shares expected to occur on 20 August 2024
• 47.6M new shares to be issued subject to shareholder approval at a shareholder meeting to be held in mid-September 2024
• 134.6M options to be issued subject to shareholder approval at a shareholder meeting to be held in mid-September 2024
To find out more, please visit www.greatwesternexploration.com.au
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