22nd Jan 2014 10:39
LONDON (Alliance News) - Great Western Mining Corporation PLC Wednesday said it has raised, through XCAP Securities, a further GBP1.5 million through a share placing.
The mineral exploration company, with operations in the US said the placing was for 120 million shares in the company at a price of 1.25 pence per share.
The company said the funds would allow it to start its phase 2 drilling programme on its Target 4 copper-gold prospect in the western US.
Great Western Mining said the site is now drill ready, and drilling will begin as soon as permitting is approved, with the permit process being initiated immediately.
The company said the goals of the Phase 2 programme will be to test the oxide and sulphide working plan and discover significant grades and thickness of copper oxide mineralisation.
Great Western Mining shares were down 8.3% to 1.49 pence, putting it among the top AIM losers Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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