Shares in the company will remain halted until the earlier of either, the release of relevant information, or, the commencement oftrading on Tuesday 31 March ,2020.
In late February 2020, Great Western detailed 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 was also to be issued for every 2 shares received under the offer.
Notably, the offer was to be underwritten to the value of $600,000 by Mahe Capital Pty Ltd.
Funding for follow-up exploration of high-grade gold results
Pending funds are earmarked for exploration 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 also go towards an airborne EM survey targeting VMS mineralisation as well as plans to drill test identified gold, vanadium and copper targets.