13th Nov 2019 16:59
(Alliance News) - Great Western Mining Corporation PLC said on Wednesday it has raised GBP300,000 to advance Nevada potential and announced board changes.
The company said it has raised GBP300,000 via the issue of 375 million shares at a price of 0.08 pence each.
The proceeds of the placing will be used to progress the potential for gold and silver extraction on the company's mining leases in Nevada, US and also for seeking out new ventures for the company and for general working capital purposes, the company said.
Great Western also said Chief Executive David Fraser is stepping down with immediate effect to pursue opportunities in another sector and is retiring from the board.
He will be succeeded by current chair Brian Hall, who will "steer the company through the next stage of its development."
Chair Brian Hall said: "We strongly believe in the potential for gold and silver on Great Western's leases in Mineral County, Nevada and the placing of new shares will enable us to move to the next stage of determining the potential for precious metals recovery."
Great Western Mining shares closed 35.9% lower in London at 0.11 pence each on Wednesday.
By Loreta Juodagalvyte; [email protected]
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