Great Western Minerals Plant C $ 15 million private placement

Great Western Minerals Plant C $ 15 million private placement

Great Western Minerals (CVE:GWG, OTC:GWMGF, FFT:GWM) plant, to bring in a private placement of at least C $ 15 million.

The company has hired a broker with the syndicate financing, which is led by Byron Capital Markets and Securities Cormark.

The syndicate is planning to issue a total of 23.810.000 Shares at a price of C $ 0.63. The agents have an over-allotment option for a further 3.571.500 Shares at an issue price, what can bring an additional sum of C $ 2.25 million.

Great Western expects, later than the finance 10. November will be completed.
The new funds are provided primarily for the ongoing development of the Steenkampskraal rare earths project in South Africa.

The completion of the new NI43-101 compliant resource estimate for Steenkampskraal is for the first half of 2012 expected.

The cost for the renovation of the shaft and the re-commissioning of the processing plant are estimated at approximately U.S. $ 60 million.

The schedule provides for restarting, that the underground mining and processing technology for the first quarter 2013 will be fully operational.

If the plant with full capacity of 5.000 Tons of rare earth oxide is, will the company achieve annual cash flow of $ 250 million.

This entry was posted in Great Western Minerals Group Ltd and tagged , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply