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Great Western Exploration outlines partially underwritten rights issue

Proceeds will fund exploration targeting gold at the Yandal West Project and gold, copper, vanadium and VMS mineralisation at the Yerrida Project.

Great Western Exploration Limited - Great Western Exploration outlines partially underwritten rights issue
Directors have confirmed their intention to participate in the entitlement

Great Western Exploration Limited (ASX:GTE) will undertake a 2-for-5 renounceable rights issue priced at 0.2 cents to raise up to $1.0 million.

One free attaching option exercisable at 0.5 cents expiring 31 August 2021 will be issued for every 2 shares received under the offer.

Notably, the offer is underwritten to the value of $600,000 by Mahe Capital Pty Ltd.

The funds will allow the company to follow-up high-grade gold results in late 2019 from the Yandal West Project in Western Australia.

Results featured 2 metres at 7.75 g/t gold from 20 metres at the Harris Find prospect and 2 metres at 3.89 g/t gold from 3 metres at the May Queen East prospect.

 At the Yerrida Project also in WA, funds will go towards an airborne EM survey targeting VMS mineralisation as well as plans to drill test identified gold, vanadium and copper targets.

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ASX:GTE
Market: ASX
Market Cap: $1.88 m
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Great Western Exploration kicks off next RC drilling phase at Yandal West...

Great Western Exploration Limited (ASX:GTE) managing director Jordan Luckett updates Proactive Investors on the next phase of reverse circulation drilling begun at the company’s Yandal West Gold Project in Western Australia. A total of 9 holes for about 800 metres will be completed across the...

on 9/8/19

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